We can help with business formation, management advice and solving disputes, anywhere in BC. You are good at what you do or you have a great idea. Now the question is how to create your business legally. You have three choices: either a proprietorship, a partnership or a corporation.
A proprietorship is one human owner eg yourself, which of course is the most common method of how a business starts whether at home, online and or a traditional "brick & mortar". All liabilities as well as profits go to the one owner.
A partnership is two or more persons, whether human or corporate, who share the ownership, liabilities and profits of the business. To reduce costly disagreements, it is always a good idea to have a written agreement to confirm all facts, assumptions and consequences eg without a written agreement then one partner can be 100% liable.
If you incorporate a business then it is owned by the human shareholders but legally it is a separate "person" with the same rights and liabilities as a human owner eg the human shareholders might die but the separate corporation can still continue. Generally there are three reasons why you might incorporate a business: tax benefits, liability concerns and marketing.
It is expensive to set up and dissolve a corporation, including tax consequences, so before incorporating online without any advice about the consequences, it is smart and prudent to first obtain advice from both your lawyer and CPA.
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