Sole proprietorship vs. partnership or incorporation
Many initial ventures into the field of entrepreneurship are what are termed sole proprietorship as they are, generally, the easiest to undertake. Registration is simple and inexpensive requiring little expertise, and therefore is generally less foreboding to the novice. This choice of sole proprietorship vs. partnership or incorporation is one of the momentous decisions that are inherent in a business venture.
Keeping your knowledge up to date is also important. For example, in 2011, the Federal government introduced a number of initiatives including,
reducing the small business tax rate from 12 per cent to 11 per cent, raising the amount of business income eligible for that rate from $300,000 to $500,000, and reducing the burden of federal regulatory requirements on Canadian enterprises.” (Department of Finance Canada; www.fin.gc.ca)
To help you make the choice which best fits you and your circumstances, as well as other corporate/commercial concerns, Howard Nightingale Professional Corporation has accumulated a wealth of experience in the commercial and corporate law sector, including purchase and sales as well as negotiations.