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Choosing Your Business Structure
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An important question that you ll face when entering the world of self-employment is this: What business structure are you going to choose
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Tim s Tip 38: Understand the three most common business structures
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There are three common business structures available to you: a proprietorship, partnership, or corporation Let s take a closer look at them
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Proprietorship
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A proprietorship is you, in business for yourself A proprietor may have employees but owns the business alone Last week I passed some kids at the side of the road selling lemonade, and since I m always interested in supporting entrepreneurial efforts, I stopped for a drink Although the kids seemed a little confused when I explained that they were operating a proprietorship, they ll appreciate the education later in life, I m sure The real bene ts of a proprietorship are these: There is little or no cost involved to set up your business as a proprietorship; it s as easy as hanging up a shingle or
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Operating as a proprietorship could leave you vulnerable to creditors and lawsuits if your business involves signi cant nancial or other risks to you or other people, including your employees Protect your-
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putting up a sign, and there is little government regulation The only requirement you might have is to register the business name with the provincial government (for example, John s Heating and Cooling ) And even this requirement can be waived if you simply operate the business under your own name (for example, John s or John Doe s ) Of course, there can be some drawbacks to a proprietorship, too First, you ll face unlimited liability for the debts and obligations of the business effectively, you and the business are one and the same Second, it may be more difficult as a proprietor
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Caution!
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self with business insurance, and consider operating through a corporation to limit your liability
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to raise financing if you need capital to start or expand the business Third, there s less flexibility when it s time to plan for the succession of your business Finally, there s the question of image Is there a risk that others will view your business as a small, unsophisticated operation Maybe But in most cases, the fact that you re a proprietorship will have no effect on whether someone retains your services or buys your products If you re a proprietor, the pro ts of your business are yours personally You must report all the income and expenses of your business on your personal tax return each year (Form T2124 for business activities or T2032 for professional activities) You don t pay yourself a salary; instead, you simply take cash out of the business for personal use This is called a draw Of course, if you draw too much, the business may not have enough cash to operate If you incur losses as a proprietor, those losses are also reported on your tax return, and can be applied against your other sources of income (see Tip 47 for more)
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Partnership
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A partnership works much like a proprietorship, except that there is more than one business owner A partnership is really just a group of proprietors joining forces to carry on business together with the idea of generating pro ts The bene ts to a partnership are these: you re able to share the risks of being in business; you may have greater access to capital; and you can pool your skills The truth is, a partnership can also bring new challenges Think of these as drawbacks if you want First, you and your partners may not always agree on how the business should be run, and resolving these differences can be tough at times Second, getting rid of a partner who isn t working out is not exactly an enjoyable task And nally, a partner is generally liable jointly for the debts and obligations of the partnership (although limited liability partnerships are possible and are often set up by professional accounting and law rms) If you re a partner, you ll be required to pay tax on your share of the partnership s profits In fact, as with a proprietor, partners are required to report their profits or losses on their personal tax returns The partnership itself is required to file a partnership information return annually with CRA
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