BUSINESS IN CANADA
At Inimex, we are very proud to work in and with many different countries and our knowledge of Canada are extensive to say the least. We work with several professionals all over the country and are well connected in order to give you the best possible service. Here is a list of most of the types of businesses available in Canada:
Unincorporated sole proprietorship
- As an individual, you are the sole proprietor of the company and there is full liability, as such your personal and business assets are treated as one and the same. You enjoy all the benefits of a business but also assume all the risks.
- There are no prerequisites required to run this type of business.
- If the business is run under a name other than your full legal name, it must be registered with the business registry office.
Partnership (General)
- A general partnership is very similar to an unincorporated sole proprietorship but revenues earned are shared between all the partners.
- Each partner is fully liable for all debts incurred by any of the partners. 2.3.Business must be registered with the business registry office.
Partnership (Limited)
- Company that includes two types of partners, general partners, who share the same rights and responsibilities as the same name in a general partnership and Limited partners who have no real decision making powers and who’s liabilities are limited only to what they have invested in the company.
- Business must be registered with the business registry office.
Corporation
- Although legal requirements are more complex, it is the most common type of business.
- Corporations are considered legal persons and separate entities from its owners, freeing the partners from most liabilities as they have their own assets, limited to what was invested.
- Legal requirements for business corporations must be made with one of two jurisdictions, Provincial or Federal. It is strongly advised to work with a certified professional as the process may become very complex.
Cooperative
- Legal entity made up of individuals or companies who wish to satisfy the same need whether it be economic, social or cultural.
- Formed in accordance with a provincial cooperative statute: Quebec has the Loi sur les coopératives au Québec and Canada’s Cooperatives Act if the cooperative functions in more than one province.
- Each member is liable only for the amount invested.
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