A British Columbia sole proprietorship is a business owned and operated by one individual. It is the simplest business structure in British Columbia. The sole proprietor is the sole owner of the business and all its assets and the business has no legal existence separate and apart from the owner.
A sole proprietorship may operate:
- Under your own name, or
- Under another name you’ve registered (as long as you don’t add any of the legal designations of other forms of business, such as Ltd. or Inc.)
Other characteristics of a sole proprietorship:
- Relatively easy and inexpensive setup. For instance, if you choose a sole proprietorship and operate it under your own name, you don’t even have to register your business.
- Sole proprietorships do not require annual filings.
- Tax simplicity – declare your business income on your personal income tax form, rather than having to file a separate tax form, (as you would have to do if you chose the corporate form of business ownership).
- If you do reserve a business name they only have to be renewed every three years.
Please note that a sole proprietorship includes unlimited liability. This means that as a sole proprietor you have personal liability for all the debts and obligations of the business. If your business is sued, you and your personal assets are at risk. Also, as a sole proprietorship, it may be more difficult raising capital, and you may have to use your own money or personal loan for the business.
British Columbia business name registration
Sole proprietorships registrations may be easily completed online here. British Columbia business name registration for sole proprietorships. If you are using a business name that differs from your full name, you need to register that business name. A sole proprietorship is an unincorporated business that is owned by one individual. It is the simplest kind of business structure. You may choose to register a business name or operate under your own name or both.
In British Columbia, sole proprietorship business names are registered by filing a Declaration of Business Name Registration with the British Columbia Registries office. Ecompanies Canada offers fast & easy British Columbia online sole proprietorship business name registration service. At Ecompanies Canada we help you step-by-step and take care of the entire business registration process from start to finish. Registering a new business name with us is fast, easy and takes just minutes.
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