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Sole Proprietorship explained
Most sole proprietorships tend to be small and localized. The advantages commonly associated with carrying on a sole proprietorship are the following:
- ease in which to start and dissolve the business;
- low start-up expenses.
There are, however, significant disadvantages which may lead you to decide against choosing this business structure:
Unlimited liability
The owner is personally responsible for all of the debts and obligations incurred by the business. The owner is thus liable to the full extent of his/her personal assets for all of the liabilities and losses which are incurred by the business.
Hard to raise Capital
A sole proprietorship does not allow to share in the ownership of the business. No partners or shares. So if you ever want to raise capital you will need to change its legal structure.
Taxes
As a sole proprietorship you need to report all income of your business on your personal tax returns. If you have losses in the first year you can’t generally carry forward those losses to offset future profits.
Société ou DBA : quelle est la différence ?
Plusieurs différences importantes entre une société et un DBA
Société
En quoi il est unique
- Personnalité juridique distincte de ses propriétaires (appelés actionnaires) et existant donc au-delà de la durée de vie du fondateur.
- Protection de la responsabilité limitée pour les biens personnels
- Meilleure façon de lever des fonds auprès d'investisseurs
- Plus de flexibilité en matière de fiscalité
Inconvénients
- Coûts de démarrage et d'exploitation plus élevés
- Plus d'exigences en matière de conformité, c'est-à-dire plus de déclarations gouvernementales et de paperasserie
DBA - Doing Business As (entreprise individuelle)
En quoi il est unique
- Une entreprise individuelle est détenue par une seule personne et n'existe pas en dehors de son propriétaire.
- L'entreprise la plus facile et la moins coûteuse à créer.
- Peu de paperasserie - les revenus de l'entreprise sont inclus dans la déclaration d'impôt sur le revenu des personnes physiques
Inconvénients
- PAS de protection de la responsabilité limitée des biens personnels
- Potentiel de croissance et d'investissement limité
Pour en savoir plus sur la structure d'entreprise qui vous convient le mieux, cliquez ici.
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Sole Proprietorships Defined
When starting a business everyone knows that you need to “register” your business with the government. But it can get really confusing because there are many different kinds of “registrations” and people or websites don’t always distinguish between them.
When talking about a “Business Registrations” we are typically talking about what is called a “sole proprietorship” registration. A sole proprietorship is the simplest form of operating a business that is owned by one individual. The business has no existence apart from the owner. Only one owner is responsible for making all of the business decisions and, therefore, earns all the profits, but also assumes all of the risks and obligations. The owner includes the income and expenses of the business on his or her personal tax return. You always register your sole proprietorship with the provincial government department or agency that handles business registrations in your province.
Pour en savoir plus sur la structure d'entreprise qui vous convient le mieux, cliquez ici.
DBA/Sole Proprietorship Fees and Timelines
* Please be advised that the NEQ (Numero d’entreprise du Québec) is obtained at the time of filing, however, there is a government processing time of approximately 14 business days before the trade name is officially approved.
** Please be advised that the current government delay to obtain a name decision for Saskatchewan is approximately 15 business days. This delay is in addition to the processing times for incorporations and business name registrations.
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