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What are the different types of business structures available in Canada?

In Canada, you can choose from various business structures, including sole proprietorships, partnerships, corporations, cooperatives, and non-profit organizations. Each structure has its own legal implications and tax considerations.

Do I need to register my business in each province where I operate?

You generally need to register in each province where you have a permanent presence, such as an office or employees. If you only conduct business online or ship products from one province to others, registration in additional provinces may not be necessary.

What are the costs associated with incorporating a business?

Costs can vary depending on the type of incorporation (federal or provincial) and may include fees for filing articles of incorporation, annual maintenance fees, and costs for legal or accounting services.

What are the ongoing compliance requirements after incorporation?

Ongoing compliance may include filing annual returns, maintaining corporate records, holding regular meetings of directors and shareholders, and ensuring all necessary permits and licenses are up to date.

Do I need to have a corporate bank account?

While there is no legal requirement to have a corporate bank account, it is highly recommended for managing finances, paying employees, and handling taxes effectively.