Sole Proprietorship is the simplest form of starting a business. Only one owner is responsible for making all of the decisions and, consequently receives all the profits, but also assumes all of the risks.
MAK TAX can do Sole Proprietorship registration of new business names in a business day. Renewal of existing business names takes one to two weeks. We also will notify you when the renewal of registration is due, normally Ontario business name registration is valid for 5 years.
Partnership is a relationship between two or more persons carrying on a business. The body is usually more complex than sole proprietorship and there is more than one owner to share in the profit and/or losses.
MAK TAX can establish either a general partnership or limited partnership for you, with a proper partnership agreement in place.
Generally, a Partnership neither pay income tax on its Income nor file an income tax return. Instead, each partner files an income tax return to report their share of the partnership’s net income or loss. MAK TAX will help the partners file T5013 Statement of Partnership Income and also help to claim Capital Cost Allowance (CCA) on own depreciable property.
Corporation is a legal entity that has its own legal personality which is different from shareholders, and the individuals who manage and run business are called directors or officers.
MAK TAX can identify to choose a name for your corporation through NUANS (New Upgraded Automated Name Search), unless you’re going to be operating a numbered company. We will help you to establish the initial registered office address and first board of directors and will ascertain the directors meet the eligibility requirements.
MAK TAX will register the corporation on your behalf with the completed Articles of Incorporation, the covering letter, and a current NUANS name search which shows the name searched, the NUANS reservation reference number, and the NUANS date, as well as with the appropriate fee.