Incorporating a business is a must or not?

Good day there! I own a small business outside of Ontario city. Now I'm planning to expand my business and relocate to Ontario. However, I am not familiar with the rules in Ontario for starting a business and, when I discussed this with my friends, they said that incorporating a business is a must if we are planning to start a large company. Can anyone advise on the importance of incorporating a business or recommend an agency that can explain the benefits and drawbacks of incorporation? I came across this page about business incorporate in Ontario. Has anyone used their advice? Please respond.

 

@sarahk is right: you need technical advice from legal and accounting people. However, in general, the reason that people incorporate their business is around liability. If you personally own a business (e.g., a sole proprietorship) and something bad happens that the company is liable for, your personal assets could be taken to pay off that debt. With a corporation, only the company's assets would be taken to pay off a liability and the shareholders' personal assets would be untouched.

 

Yea an accountant its the right person to help you in your problem with your business

 

Ontario, Oregon is a small city so it should be large enough for you to find someone LOCAL that knows the LOCAL ins and outs of business. Any "advice" you get ANYWHERE else is PROBABLY WRONG and could cost you dearly.

 

Hello there! Outside of the city of Ontario, I own a little business. I'm now looking to expand my company and migrate to Ontario. However, I am unfamiliar with the laws for beginning a business in Ontario, and when I discussed this with my friends, they suggested that incorporating a company is a must if we aim to build a significant corporation. Can someone provide me advice on the importance of establishing a business or recommend a company that can explain the advantages and disadvantages of doing so? This page about incorporating business in Ontario caught my eye. Is anyone following their advice? Please get back to me.

 

There are a couple of general reasons why businesspeople form legal corporations or other such entities. One of the reasons is that, typically, a corporation shields your personal assets from any liability claims arising from the company's actions. The second most likely reason that someone incorporates a business is because they want to sell shares to investors. But, you really should talk to a local corporate attorney and preferably one who covers tax issues, as well as the legal issues.

 

Absolutely. As the old saying goes, more money more problems. A bigger company means more clients, more contracts, more employees, more contractors, more outside financing and all of that equals more liability. Honestly separating yourself from your business is something that should usually be done sooner as opposed to later.

 

Talk to an accountant or a business advisor first. They will give you the ins and outs of incorporating and why you may (or may not) need it.