Sole Proprietorship: New Registration and Renewal
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Sole Proprietorship
Sole Proprietorship in Ontario
The previous name of this product was Ontario Master Business Licence (MBL). It is also known as businessname registration in Ontario. A sole proprietorship in Ontraio must be owned by a single person and not a corporation. When this type of business entity is owned by a corporation, in Ontraio, it’s called Trade Name Registration.
Sole Proprietorship in Other Province
In most provinces, this is also known as business name registration. In Alberta, a sole proprietorship and a trade name registration is done in the same form and hence, sometimes a sole proprietorship is called trade name registration in Alberta. To register a sole proprietorship, you must have a address in the designated province.
Get it Done in Simple 3 Steps
Fill out our website form step by step and place order with Credit Card, PayPal or e-transfer.
1
Let our registry agent clear the payment, review your order and file with the Governmental unit.
2
Check your inbox and receive the final documents. You are all set.
3
What are the advantages of a sole proprietorship:
- They’re easy and inexpensive to set up
- You’ll have direct control of decision-making
- Minimal working capital usually required
- There are some tax advantages, such as expenses and losses offsetting your income
- All profits go to you, the business owner
What are the disadvantages of a sole proprietorship:
The main disadvantages result from the lack of a corporation or partnership to help assume your business’s risk:
- No corporation to assume liability risk so any claims may have to be paid from your personal assets
- As the business owner, you’re responsible for all debts
- Inability to sell equity in the business makes it difficult to raise capital
- Harder to sell or transfer your business to others when it’s solely dependent on your involvement
New Registration and Renewal
A Sole Proprietorship is an unincorporated business that is owned by one individual. It is the simplest kind of business structure. The owner of a sole proprietorship has sole responsibility for making decisions, receives all the profits, claims all losses, and does not have separate legal status from the business.
If you are a sole proprietor, you also assume all the risks of the business. The risks extend even to your personal property and assets.
Ready to start a sole proprietorship in Ontario?
Our expert team simplifies the new registration and renewal process, ensuring compliance with provincial regulations. We handle name registration, Business Number applications, and local permits for new businesses, and manage efficient renewal services to keep your business active. Trust Ontario Business for streamlined, hassle-free sole proprietorship services.
