Starting Your Small Business in Ontario - The Legal Considerations

Johnalexander2221 Sep, 2023Finance

When setting up a small business in Canada, choosing the right form of business organization is crucial to saving you (a lot of) money. Canada offers several options, each with its own advantages and disadvantages. These include sole proprietorships, partnerships, corporations, and cooperatives. Sole proprietorships and partnerships are relatively easy to establish but come with personal liability for business debts. On the other hand, incorporating your business as a corporation provides limited liability protection, separating your personal assets from those of the business. This knowledge, if used properly, could be a significant money-saver for small businesses in Ontario, Canada.