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Many people prefer to
register their business as a corporation. Advantages of incorporating are as
follows:
- Incorporating a
company has several advantages, the first being that the corporation
has its own identity separate from the people who are involved in the
business.
- Since the
Corporation has its own identity it is not affected if shareholders of the
corporation change or remove themselves as long as one director remains.
That is also beneficial for estate planning as the corporation continues to
exist after the shareholders die.
- The shareholders
of the corporation are not liable for default, obligation or liability that
the corporation has incurred unless the shareholders give personal
guarantees.
- There may be tax
advantages to incorporation. A corporation in most cases has lower tax
levels than any individual tax bracket.
- The name that you
choose for your corporation becomes protected upon completion of the
Articles of Incorporation. If someone after you've incorporated decides to
use the same name the name will be refused.
We can help you in
preparing Articles, name search, submission of documents to Ministry and
preparation of initial return. We can also help you in obtaining business number
for your company from Canada Revenue Agency.
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