incorporate a business
Should I incorporate and work under my corporation name or should I work under my sole-proprietorship business? – many people may ask themselves starting their business.
Well, there are already many discussions you can find online about pros and cons of incorporating or not. But the major difference, from accounting point of view, is that the sole-proprietorship is still YOU being self-employed and filing your business on PERSONAL income tax return (even if operating under a different name).
Corporation, on the other hand, is a separate entity from you and has to file its own CORPORATE income tax return. Any money transfers between the corporation and you have to be traced and recorded as income and expenses accordingly. And that is when a proper tax planning would be helpful.
If you are currently operating a business as a sole-proprietorship and would like to migrate your existing business to a corporation, there are tax considerations that you need to be made aware of. Incorporation is not always the right decision for your business.
Once you decided, we can guide you through the entire incorporation process and help you to open HST and Payroll accounts if required.
- We will prepare and file the Articles of Incorporation
- Help you with the name search (NUANS report)
- We can help you to register Federal or Ontario corporation
- We will open all necessary government tax accounts.
If you decided to be a sole-proprietor, we can help you to register your business name and obtain a Master Business License.
Schedule a Call