Proprietorship or Sole Proprietorship
A sole proprietorship is the simplest of all business organizations. When a person decides to operate a business without any formal business structure in place, that person operates a sole proprietorship. Quite simply, an individual with goods and services to offer conducts business either under their own name or under another name.

Unlike a registered corporation, a sole proprietorship is not a distinct entity apart from the individual. The sole proprietor owns all the assets of the proprietorship. Income from the business forms part of the personal income of the sole proprietor and is taxed accordingly. Therefore, an important reality of operating a sole proprietorship is that the owner has unlimited liability for the debts and liabilities of the business. When the sole proprietor dies or retires, the sole proprietorship ends.

Partnerships
In a partnership the business is owned and operated by two or more persons. These partners own all the business assets, share the profits and are jointly and separately liable for the partnership debts and liabilities. A debt of the partnership can be collected from any one of the partners or any combination of the partners. Fundamentally, each partner acts on behalf of the partnership and on behalf of the other partners.

A partnership is a contractual agreement that can be dissolved upon expiration of the partnership agreement or sooner by agreement of the partners.

Trade Names
A name under which a business operates is called its trade name. A sole proprietorship, a partnership or a corporation can do business under a trade name. You can register a trade name and although this does not provide right of ownership to that trade name it does provide proof that you have done business under that trade name from a certain date. Although it is not mandatory, it is recommended that a search be done prior to registering a trade name.

Incorporations
A corporation is a legal entity created by the filing of certain documents. Being a legal entity a corporation has the rights, powers and privileges of an individual. A corporation is a legal entity separate from its shareholders and it also has certain tax and financial advantages. Any business carried on for profit can become a corporation.

Once you decide to incorporate as a named company you will have to have aNUANS report done. (If you are going to be a numbered company you don't need a name search.) The NUANS will show you all existing corporations with names similar to your suggested name. Because you want no conflicts you cannot use a name that is identical to that of another corporation.

You must prepare a Notice of Directors, a Notice of Address and your Articles of Incorporation. We can check to see that your documents are complete and enter the data onto the system for you.

Annual Reports
Once a company has been incorporated it must file a report annually to maintain its Active status. A reminder form is sent out annually by Corporate Registries prior to the anniversary of the company's incorporation.

Limited Partnerships
A limited partnership differs from a general partnership in that in a general partnership all partners share equally in the responsibility and liability of the company. In a limited partnership there can be some general partners with unlimited liability , but also limited partners who will not be liable for the obligations of the limited partnership except to the extent of the capital which they have contributed.

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