Sole Proprietorship
What is a Sole Proprietorship?
Sole Proprietorship is a straight forward un-incorporated form of business with a single owner. This was also known as Master Business License previously.
- You are the only owner of the business
- You make all the decisions and keep all the profits
- You don’t need to create a separate company—it’s just you and your business, legally the same
Benefits of Sole Proprietorship
When you choose to register a Sole Proprietorship Alberta, you unlock several strategic advantages for your business
Quick to Start
Quick to start: No complex paperwork or high setup costs. Can be registered as fast as in 2hrs.
You are in control
No partners or board meetings—just your vision and decision. You will manage all the operations and select whats is best for the business without any interference
Less Regulatory Compliance
Fewer rules and filings compared to corporations or partnerships. Less time spent on managing paperwork more time for growth.
Direct CRA Tax Account Reporting
Business income is reported on your personal tax return means no separate corporate taxes and returns
Validity
Sole porprietorship Ontario is good for 5 years which can be easily renewed few months prior to expiry or 60 days after the expiry
Easy Banking
Eay to open business account as less paperwork due to the nature of business and manage the finances
Sole prop is a simple form of business where only 1 owner have total control on the business decisions.
NUANS Reports assess corporate/business name availability, necessary for business registration. Although the sole prop lies under Un-incorporated business but still we need to check for the current conflicts in terms of corporations and trademarks to avoid any deficiency letter.
Google search results rely on web searches and businesses with online presence. However, they cannot replace the NUANS Report, which cross-references names with various elements in the government database to generate accurate reports.
An Ontario Sole Proprietorship is valid for 5 years.
Business name can be renewed with in 60 days of expiry after that we can still proceed with the same name as a new registration.
Best practice for a business name is to add a distinctive and descriptive term.
- Full control over business decisions
- Simple tax filing (income is reported on your personal tax return)
- Minimal paperwork and regulation
- Easy and Inexpensive steup
Yes, sole proprietors can hire staff. You’ll need to register for a payroll account with the Canada Revenue Agency (CRA) and follow employment standards.
You can Incorporate with the same name at any time depends on the name availability and a NUANS report is required to check for any potential matching conflicts.