When starting an Ontario business, you may wonder if it is worth it to fill out Ontario business registration forms. While it can cost some money, the benefits of Ontario business registration are essential to taking your business to the next level. Here are 5 key benefits of Ontario business registration that will allow your business to blossom.
- Liability: When you register as an LLC you can take the financial liability off of your personal assets and keep them within the company. This means you, the owner, will not lose your personal assets if you company goes under.
- Credibility: Going from a sole proprietorship to a registered business can greatly increase your credibility and help put yourself out there on the market in a larger scale.
- Selling: A sole proprietorship cannot be sold, but your individual assets can be sold. With a registered business you have the opportunity to sell the entire business as a whole, which means your business can make a lot more money when you go to sell it.
- Tax Incentives: Having a small business means you can take advantage of your taxes and save money. This means you can keep more money in your business and use tax shields to your advantage.
- Funding: Having a registered business means you can take investments from others to grow your business. This means you have the opportunity to grow your assets by growing your equity, which is great for expanding your business.
There are so many reasons to do Ontario business registration. Without it your business may not be able to grow as fast, so get registered as soon as your business needs to.