Start Your Business Off on the Right Legal Footing

One of the first steps in setting up your business is to register your name. But before doing so, you must decide if you're going to be a sole proprietorship, a partnership, a corporation, or a society. Each has important implications for liability, taxation, and succession planning. 

Decide on a Business Structure

There are a few things to consider when setting up your business structure. The most common business structures in British Columbia include:

1. Sole proprietorship. If you plan to operate the business on your own, either under a business name or your own name
2. Partnership. If you plan to operate the business with one or more partners
3. Corporation. If you plan to operate the business as a separate legal entity, separate from yourself and your personal assets
4. Society. If you plan to operate a not-for-profit organization, in which any funds or profits will be used only for the society's purposes
5. Co-operative. If you plan to operate a business that is owned and democratically controlled by the people who use and benefit from your services

A major difference between a corporation and a sole proprietorship or partnership is that in a corporation, no individual person is responsible or liable for debts (unless specifically outlined in a contract or legal document for your business). Also if any members of your business leave or are replaced, it won’t affect the business as a whole and operations can continue, uninterrupted.

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