As a small business you may be wondering if there is any real benefit to Ontario business registration, or if you should continue operations as usual. In reality, Ontario business registration will provide numerous key benefits to your business that will allow you to grow and expand your business. Here are 5 benefits you can gain from Ontario business registration that will help your business blossom.
- Copyright Protection: With an Ontario business registration comes the ability to copyright the name of your company. Being able to have a claim to your business’s name will help tremendously when trying to grow your specific brand, as others will not be able to encroach on it.
- Asset Protection: In a sole proprietorship your personal assets may be liable in the case of bankruptcy or other things the company may run into. Having a registered business will mean that your business will have separate books and assets because the business is now a registered organization, rather than a single individual.
- Tax Liabilities: You may find that you pay less taxes when filing taxes as a small business rather than as a single individual. Even without the tax rates, it can be very beneficial to have separate personal taxes and business taxes.
- Perpetual Existence: Since a sole proprietorship is a single person, if they were to pass or stop working the proprietorship would dissolve. With a registered business the ownership of the business can change hands if the owner were to retire.
Ontario business registration can be a daunting task, but it will be worth it. It is an important early step towards becoming a growing and successful business.