- Business name search and registration
- Business incorporation
- Set up company books, records and government filings
- Support with selecting a fiscal year end and the decision to incorporate
- Determine what business assets and goodwill to transfer to the corporation
Sole Proprietorship
Pros
- Easy to start
- Low start-up costs
- Low regulations
- Owner controls decision making
- All profits to owners
- Tax advantages
- Minimal working capital
- Business losses can be claimed offset against other income
Cons
- Unlimited liability
- Difficulty in raising capital
- Higher taxation rates with higher income
- Lack of continuity
- Business reliance on self
- May be difficult to sell
Partnership
Pros
- Easy to start up
- Low start-up costs
- Additional sources of capital
- Tax advantages
- Limited regulation
- Broader management base and complimentary talents
Cons
- Unlimited liability
- Difficulty in raising capital
- Divided authority
- Suitable partners may not be available
- Conflicts between partners
- Partners can legally bind each other
- Lack of continuity
- Profits are smaller per share
Corporation
Pros
- Limited liability
- Possible tax advantage
- Ownership is transferable
- Continuous existence
- Specialized management
- Separate legal entity
- Easier to raise capital
- Capital gains exemptions
Cons
- More expensive to set up
- Closely regulated
- Extensive record keeping
- Dividend taxation
- Shareholder liability
- Personal guarantees can undermine limited liabilities
Services by Mississauga Accountant: Personal Tax Planning | Business Registration | Business Setup & Consulting | Bookkeeping & Accounting | Payroll, WSIB, HST | Corporate Tax | Assurance | Disability Tax Credit Program | Budgeting and Forecasting Services | Insurance, Mortgages, Investments, Real Estate & Legal Services | Business Valuation Services | Estate Planning Services | Litigation Support and Damage Quantification Services
We serve clients across Mississauga, Oakville, Brampton, Toronto, Milton, Burlington, Hamilton, Vaughan, Markham, Kitchener, Guelph, Cambridge, Caledon, Halton Hills, Ajax, Oshawa, Whitby, Uxbridge & Newmarket, ON.