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Deciding the structure of your business (1/3)

2/24/2016

2 Comments

 
​Once you have developed your business idea and expect to run your business and get a profit from it, it’s time to decide the structure of your future way of life.

There are 3 way of structure your business: as a sole proprietorship, a partnership or a corporation. Today we will go over the first type of business.

A sole proprietorship is an un-incorporated business with just one owner: You! 
You are then responsible for paying personal income tax on the profit of your business. A small business run by one owner is the easiest and less expensive way to set up your enterprise. The government regulations are usually minimal.

There is no legal distinction between you and the business, then you are personal responsible for the business decisions, financing and debts. In case your business is not able to cover its debts you are hold to pay by the creditors. Maybe you have to declare bankruptcy.
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As a sole proprietorship you are considered a self-employed (not salaried) and you need to pay taxes based on the personal rates. Good news? Any loss can be used to reduce your taxable personal income.
2 Comments
Glen Parry link
11/23/2020 07:21:04 pm

Appreciate tthis blog post

Reply
Dayani Castro
12/12/2020 07:21:01 pm

Hi Glen, happy to help

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    Author

    Dayani Castro, was born in Cuba, and is a proud Canadian citizen who pay her fare share on taxes and likes to contribute to the economy.

    In her own words: "I am from Cuba, moved to Canada 10 years ago with my daughter and we love it here. Won't go into politics but I took the decision to up-root my family to find better opportunities for my daughter to become a powerful and an independent woman. I open my bookkeeping and tax business 5 years ago, and love helping immigrants - specially women - navigate the process of creating and growing their business. As a single mom, immigrant an entrepreneur I recognize the importance of a supporting and loyal community when you need to start from Zero and build your dreams in your new country."

    Dayani's vision is to help as many immigrants as possible to create thriving business, giving them the opportunity to be independent, give back to the society and create new jobs.

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