Should I Incorporate or register a Sole Proprietorship / Partnership?
We suggest you to seek legal advice from your accountant or lawyer. However the following information might assist you in making your decision as well.
Incorporation:
1. A Corporation is a “Legal Entity”. The name of the Corporation is yours and yours alone. It is protected from use by any other legal entities.
2. The personal liabilities of the shareholders are limited in a Corporation.
3. The Corporation needs to renew their registration with Corporate Registry every year. (See Annual return for more information).
Sole Proprietorship (Trade Name) and Partnership:
1. Business names are not protected and can be used by other people / legal entities
2. The registrant is personally liable for the debts and liabilities of the business.
3. A registered sole proprietorship or partnership may open a bank account and get a business license.
1. A Corporation is a “Legal Entity”. The name of the Corporation is yours and yours alone. It is protected from use by any other legal entities.
2. The personal liabilities of the shareholders are limited in a Corporation.
3. The Corporation needs to renew their registration with Corporate Registry every year. (See Annual return for more information).
Sole Proprietorship (Trade Name) and Partnership:
1. Business names are not protected and can be used by other people / legal entities
2. The registrant is personally liable for the debts and liabilities of the business.
3. A registered sole proprietorship or partnership may open a bank account and get a business license.
