Name: HTPA 恒泰会计师事务所
Address: 20 Bamburgh Circle, Scarborough, ON, M1W 3Y5, CA
Telephone: +1-888-993-2238
Price range: $$

Question 1

What is the difference between a sole proprietorship, partnership, and corporation?

Accepted Answer

A sole proprietorship is owned by one person with no legal distinction between owner and business. A partnership involves two or more owners sharing profits and liabilities. A corporation is a separate legal entity, offering liability protection but involving more complex setup and compliance.

Question 2

Should I register federally or provincially?

Accepted Answer

Provincial registration allows you to operate only within Ontario under your registered name. Federal incorporation allows operation across Canada under one name and offers stronger name protection but involves more complex filing requirements.

Question 3

How long does the business registration process take?

Accepted Answer

Timelines vary. Provincial registration (sole proprietorship/partnership) can often be done online within a few days. Incorporation (provincial or federal) typically takes longer, potentially 1-2 weeks or more, depending on name search requirements and processing times.

Question 4

What are the typical business registration fees?

Accepted Answer

Fees depend on the structure and jurisdiction. Provincial registration for sole proprietorships/partnerships is generally the least expensive. Incorporation involves higher government fees, name search costs, and potentially legal/accounting fees for setup. HTPA can provide a detailed quote.

Question 5

What do I need to do after registering my business?

Accepted Answer

Post-registration steps often include obtaining a business number (BN) from the CRA, registering for specific CRA program accounts like GST/HST and Payroll, registering with WSIB if you have employees, obtaining municipal licenses/permits, and setting up a business bank account.

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