Entrepreneurship & Small Business

DIY Provincial (ON) or Federal Business Incorporation 1-2-3 & Save your money

  • Last Updated:
  • Mar 13th, 2017 3:11 pm
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Newbie
Aug 3, 2008
83 posts
2 upvotes
Does this information work for starting an LLC?
[OP]
Penalty Box
Aug 2, 2010
10797 posts
2072 upvotes
BLKLBL wrote:
Dec 3rd, 2015 3:21 pm
Does this information work for starting an LLC?
LLC's do not exist in Canada. They are a US structure.
Newbie
Aug 3, 2008
83 posts
2 upvotes
What is the equivalent of LLC in Canada? And does this information apply to that?
Newbie
Nov 25, 2015
10 posts
Toronto, ON
Crackb3rry wrote:
Dec 3rd, 2015 11:01 am
Not to mention the paid service they push is virtually identical to the 2301915151515 other "amazing" incorporation sites out there.
The so-called "amazing" adjective was in reference to redflagdeals. Sad if you thought otherwise.
Newbie
Nov 25, 2015
10 posts
Toronto, ON
eonibm wrote:
Dec 3rd, 2015 6:14 am
When someone uses the kinds of words you do in their posts, such as 'amazing', has no prior posts and touts a paid service in a thread showing people how to do the exact same thing for free with little effort I have found that is is usually a shill.
You have terribly misunderstood my words. Whatever I said was w.r.t my knowledge at the time of posting. And I repeat the word "amazing" was in reference to the redflagdeals. Anyways, never mind.
Newbie
Jun 21, 2012
40 posts
3 upvotes
Alberta
Is it worth incorporating as a sole propriorship right away or just be sole propriorship until you need to incorporate?

I just have a hobby business retail nutrition supps to friends and family and their friends etc

By no means am I clearing even $500 a month but I'd like to get started somewhere next year. Just don't know how that works with taxes and writing stuff off if I make next to nil

Also thanks for the information I was approached by a friend of a friend who said he'll help me incorporate for 500-1000 he's a lawyer. And then I heard there was kits you can buy and do it that way as well.

You should really make business tutorials on YouTube or something for the challenged people like us lol
Member
User avatar
Apr 17, 2010
202 posts
44 upvotes
Toronto
NutritionR wrote:
Dec 4th, 2015 7:36 am
Is it worth incorporating as a sole proprietorship right away or just be sole proprietorship until you need to incorporate?
You don't incorporate as a sole proprietor, you register a sole proprietorship.

If you operate as a sole proprietor, and decide you want to incorporate later, you have to create a corporation, which is a new entity. The new company has to be registered, new bank accounts, new merchant service accounts, et cet. Visit the website for Business Registration Services in Alberta.

Not sure if you are aware of this or not, but as a sole proprietor, if your name is "John Smith", the legal name of your business is "John Smith".

If you wish to use a trade name, which means you'll do business as anything other than "John Smith", you need to register your trade name with your province. For example a sole proprietor cannot operate as "John Smith's repairs" or "John Smith the dog walker" unless John registers that trade name.
[OP]
Penalty Box
Aug 2, 2010
10797 posts
2072 upvotes
NutritionR wrote:
Dec 4th, 2015 7:36 am
Is it worth incorporating as a sole propriorship right away or just be sole propriorship until you need to incorporate?

I just have a hobby business retail nutrition supps to friends and family and their friends etc

By no means am I clearing even $500 a month but I'd like to get started somewhere next year. Just don't know how that works with taxes and writing stuff off if I make next to nil

Also thanks for the information I was approached by a friend of a friend who said he'll help me incorporate for 500-1000 he's a lawyer. And then I heard there was kits you can buy and do it that way as well.

You should really make business tutorials on YouTube or something for the challenged people like us lol
I understand your question to be whether it is worth it to incorporate or just stay as a sole proprietorship. The first question I would ask whether there is any liabilty issues with the business you run, ie threat of being sued, as a corporation would give you limited liability whereas a sole proprietorship does not.
Deal Addict
Jul 11, 2008
3626 posts
1114 upvotes
so business registration is about $300~

are there annual or recurring fees to keep the standing good?
[OP]
Penalty Box
Aug 2, 2010
10797 posts
2072 upvotes
mathiewannabe wrote:
Feb 20th, 2016 7:31 pm
so business registration is about $300~

are there annual or recurring fees to keep the standing good?
It's called incorporation not business registration, not to be confused with business name registration which is not incorporation. There's no fee provincially for Ontario but there's a $20 annual fee federally.
Deal Addict
Sep 24, 2010
1691 posts
152 upvotes
eonibm wrote:
Feb 21st, 2016 8:51 am
It's called incorporation not business registration, not to be confused with business name registration which is not incorporation. There's no fee provincially for Ontario but there's a $20 annual fee federally.
Thanks for the guide. I had a very specific question regarding name and sent a PM as well.
Newbie
Jun 3, 2008
16 posts
2 upvotes
Newmarket
No equivalent to an LLC in Canada, there is a ULC but I believe this is really only useful to US companies which desire a flow through structure.
LLC is a great entity as it is extremely flexible. You can do business as a sole proprietor, disregarded entity (flow through) or can be used similar to a corp to protect assets. Wish this existed in Canada.
One thing to beware, don't set up an directly held LLC in the US if you are Canadian, since it is not recognized in Canada, no credit for US taxes paid when taxed on the same income in Canada. Classic cross border tax trap.
Jr. Member
May 22, 2012
107 posts
9 upvotes
CtrOfUni wrote:
Dec 4th, 2015 9:10 am

Not sure if you are aware of this or not, but as a sole proprietor, if your name is "John Smith", the legal name of your business is "John Smith".

If you wish to use a trade name, which means you'll do business as anything other than "John Smith", you need to register your trade name with your province. For example a sole proprietor cannot operate as "John Smith's repairs" or "John Smith the dog walker" unless John registers that trade name.
Quick question, can I register a corporation, lets say a random number they provide. 9123123. Then I want to register, dte227eShop and perhaps dte227catering, do I just register those as a trade name operated under my corporation (instead of separate corps)?

Thank you in advance
Deal Addict
User avatar
Mar 23, 2008
3775 posts
302 upvotes
Toronto
Hi I have a numbered federal corporation (not Ontario). I want to add an operating trade name. How can I DIY this?
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