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What is a Registered Business

Registering a Business

Registering a business is the simplest form of starting and operating a business. A registered business (also known as a sole proprietorship) is not incorporated and is owned and operated by a single person. Registered businesses tend to be smaller in size and conduct business locally.

The advantages:

1. Startup expenses tend to be minimal

2. Ease in starting and dissolving the business

3. The sole owner is responsible for all the business decisions and earns all the profits generated from the business. Basically, he/she are their own boss.

The disadvantages:

1. Unlimited liability: the proprietor assumes all responsibility of the risks and debts incurred and owed.

2. The proprietor must include the income and expenses generated from the registered business on their personal tax return

When you register your business, you still have to apply for GST and PST/QST numbers and payroll tax numbers (if you have employees)