A corporation is considered to be a distinct legal entity (legal person), separate from its shareholders (owners), directors and officers. It may own real estate or other property in its own name, may acquire rights, may be responsible for obligations and liabilities, may enter into contracts and agreements, etc. A corporation can sue, and also, be sued as a separate legal entity. A corporation provides limited liability, protection of business name, continuity of business, better tax planning opportunities, and flexible ownership and management structure.
Please find a few helpful steps/hints to form a corporation or start a business:
1. Select your Corporate Name, if not numbered corporation
2. Select the need of Federal or Provincial incorporation
3. Prepare and file the Articles of Association
4. Prepare of Minute Book
5. Select your Directors and Shareholders
6. Open of bank account
7. Follow up on business licenses and permits if needed
8. Start the business
For more detailed guidance on Company formation, please contact Clarified Partners.
The name of a new business must be registered if it’s different than the business-owner’s legal name. Once registered, the registration is valid for 5 years, after which, it must be renewed. If you change your business name or type (for example, from a general partnership to a sole proprietorship), this requires a new registration.
Once registered, you will receive a Master Business Licence (MBL), which you can use as a “proof of business name registration” at financial institutions and in business transactions with the Ontario government.
It is important to note that you are not exclusively entitled to your company’s name on business registration. However, you carry the right to identify your operations under the business name that you registered with. Only corporation will secure your name permanently.
Before you complete the business name registration process, NUANS searches are used to identify whether a proposed business name is available for registration. The proposed name is compared with existing business names, corporate names and trade-marks in government databases by NUANS search.
You can register a business name for a sole-proprietorship, partnership or corporation in order to create:
Please fins a few helpful hints/ steps to complete business registrations and starting business:
1. Select the business name, if not the personal name
2. NUANS search for name
3. Pay the fees for business registration
4. Open a bank account
5. Follow up on business licenses and permits if needed
6. Start the business
For more detailed guidance on business registrations, please contact Clarified Partners.
Like all people, last year I was very frustrated with just how much I pay in Tax, so I started to work with Clarified. I am very happy with the results so far as I now know items I missed before and have a new Tax plan going forward. Next, I hope my Mortgage rate get chopped. Thanks guys.
New to consulting and new to Canada, I wanted someone I could trust and help me understand the Tax Code. A colleague referred me to Clarified Partners. They blew me away with their approach and thoroughness.
I was going to my old accountant, then I posted a request here, who found an expert who not only helped me with my taxes but also planned my cash flows. I got a hefty refund and saved on bank charges too. Highly recommended.
Bookkeeping made easy and Taxes transparent. Look forward to see what my Insurance profile changes will save me.
Please fill in a few quick questions which will allow our team to understand what you are looking for.
Your information will be reviewed by our certified professional team, for which the appropriate match will be assigned to assist.
After carefully evaluating your needs, we will introduce you to our Trusted Partners and experts.