Start Your Canadian
Sole Proprietorship
Launch your business today! Starting at $49.
100% Satisfaction Guaranteed
Owned and Operated in Canada
Canadian Customer Support
Start Your Canadian
Sole Proprietorship
Launch your business today! Starting at $49.
100% Satisfaction Guaranteed
Owned and Operated in Canada
Canadian Customer Support
Why use MyBusiness to file your annual returns?
Easy to understand questions
Incorporate your business by answering just a few simple questions.
Legal and security compliant
Ensuring compliance with laws for your business security.
Documents in as little as 2 hours
Quick turnaround for your necessary incorporation documents.
Why use MyBusiness to incorporate your business in Canada?
Easy to understand questions
Incorporate your business by answering just a few simple questions.
Legal and security compliant
Ensuring compliance with laws for your business security.
Documents in as little as 2 hours
Quick turnaround for your necessary incorporation documents.
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Why start a sole proprietorship?
Starting a sole proprietorship in Canada is an easy and quick way to launch a business with minimal paperwork and lower setup costs.
As the sole owner, you have complete control over your decisions and can open a business bank account, hire employees, and obtain a GST/HST number. If your business incurs losses, you can use them to reduce your personal income tax.
This structure offers flexibility and is ideal for freelancers or those looking to test their business ideas.
Pros of sole proprietorship
Starting a sole proprietorship is simple and doesn’t need a lot of forms to fill out, so it’s a good choice for people just starting a business. The owner also gets to make all the decisions and keep all the money they earn.
Cons of sole proprietorship
One major drawback is that the owner can be personally responsible for all business debts and obligations, putting their own belongings at risk. Another negative is that it can be harder to get money to grow the business since sole proprietors can’t sell shares like corporations.
Sole proprietorship or Incorporation
Whether to choose a sole proprietorship or incorporate depends on your business goals and how much risk you want to take. While a sole proprietorship is easy and gives you control, incorporating protects your personal belongings and may give you some tax benefits.
Reasons to have a sole proprietorship in Canada
Simplicity and ease of setup
Easy and inexpensive to get started with little paperwork.
All profits go to the owner
You keep all the money your business earns as the sole owner.
Complete control over business
You make all the decisions quickly without asking others.
Reasons to have a sole proprietorship in Canada
Simplicity and ease of setup
Easy and inexpensive to get started with little paperwork.
All profits go to the owner
You keep all the money your business earns as the sole owner.
Complete control over business
You make all the decisions quickly without asking others.
Frequently Asked Questions
What are the responsibilities of a sole proprietor?
As a sole proprietor, you are responsible for all aspects of your business, including debts, liabilities, and legal obligations. This means your personal assets could be at risk if your business incurs debt or legal issues.
Do I need a lawyer to incorporate?
You do not need a lawyer to register a sole proprietorship. The registration process is straightforward and can be completed online. However, consulting a lawyer for legal advice can be beneficial, depending on your business situation.
What are the benefits of a sole proprietorship?
There are several benefits to being a sole proprietor, including full control of the business, simple and inexpensive setup, and straightforward tax filing. All profits go directly to the owner, and there are fewer regulations to comply with compared to other business structures.
Can I hire employees as a sole proprietor?
Yes, as a sole proprietor, you can hire employees. However, you will need to comply with employment laws and regulations, including registering for an Employer Identification Number (EIN) and withholding taxes.
How do I register a sole proprietorship?
What other business owners are saying
“MyBusiness.ca helped turn our idea for JeDonz Contract Services into reality without the hassle and expense with dealing with lawyers. The registration process was straightforward and made everything feel official right away.”
JeDonz Contract Services
“Starting our business was stress-free experience thanks to MyBusiness.ca. Their simple registration process helped us get fully incorporated in less than 2 hours.”
The Moverz Inc
“MyBusiness.ca made getting Finlance off the ground so easy—registering our business was quick and simple.”
Finlance
Incorporation vs. Sole Proprietorship
Incorporation is best for people who want to protect their personal belongings and make their business look professional.
Sole Proprietorship is best for those who prefer a simple business setup and want to be their own boss.
Protection of personal assets
Incorporation
Sole Proprietorship
Ability to use a unique business name
Incorporation
Sole Proprietorship
Open a business bank account
Incorporation
Sole Proprietorship
Obtain a GST/HST number
Incorporation
Sole Proprietorship
Separate Legal Identity
Incorporation
Sole Proprietorship
Opportunities to attract investors
Incorporation
Sole Proprietorship
Lower tax rates available
Incorporation
Sole Proprietorship
Business name protection
Incorporation
Sole Proprietorship
Hire employees
Incorporation
Sole Proprietorship
Enhanced credibility with clients
Incorporation
Sole Proprietorship
Incorporation vs. Sole Proprietorship
Incorporation is best for people who want to protect their personal belongings and make their business look professional.
Sole Proprietorship is best for those who prefer a simple business setup and want to be their own boss.
Protection of personal assets
Incorporation
Sole Proprietorship
Ability to use a unique business name
Incorporation
Sole Proprietorship
Open a business bank account
Incorporation
Sole Proprietorship
Obtain a GST/HST number
Incorporation
Sole Proprietorship
Separate Legal Identity
Incorporation
Sole Proprietorship
Opportunities to attract investors
Incorporation
Sole Proprietorship
Lower tax rates available
Incorporation
Sole Proprietorship
Business name protection
Incorporation
Sole Proprietorship
Hire employees
Incorporation
Sole Proprietorship
Enhanced credibility with clients
Incorporation
Sole Proprietorship
Questions?
Send us an email
[email protected]
Give us a call
(866) 499-7519
Questions?
Send us an email
[email protected]
Give us a call
(866) 499-7519