Thinking of starting your own business or growing your current side hustle into a full-fledged business? One of the most important parts of being a successful entrepreneur is making people in your target market aware of what you have to offer! Another key step is to complete the Ontario business registration process before starting your business so that the government has official records of your business name. Here are 3 things to consider before proceeding with your Ontario business registration:
- Type of business registration – You will either register your business as a sole proprietorship or a general partnership. Essentially, sole proprietorship means that you own your business assets and liabilities. This is the simplest business structure. A general partnership is similar, but means two or more people share in the company’s assets and liabilities.
- Time Period – An Ontario business registration is valid for a five-year time period. You will need to renew your registration at an additional cost if you continue to operate your business under the same name for longer than five years.
- Business Name – The name of your business is a big decision to make! When you register your business name, you are not exclusively entitled to your company’s name. Your Ontario business registration gives you the right to identify your operations under that name. As a tip, check the availability of your business name before getting started, including potential domains and other accounts, to make sure there is not already a business operating under the same name.
