All You Need to Know Concerning Business Startups
As a matter of fact, registering a new business in Ontario is less complicated and exciting experience. However, you need to be aware and conversant with the law, procedures, and processes that are required. Opstart breaks down the procedure on How to Register a Business in Ontario. According to Opstart, the first step that one will need to take is to conduct a name search for the business. This will make sure that the name given to the business is unique.
On the other hand, this Business Name Search Canada will eliminate cases where one can use trademarks that belong to another business, organization or company. This is done through the use of NUANs Name Search platforms and sites. When this is done, you will be required to undertake different activities in order for the registration to go through.
1. Business selection.
This will be the first step to take after you have researched for the name that will be given to the business. This allows you to choose the form of a business unit or business structure that you want to operate. These business structures include sole proprietorship, partnership, and corporation. On the other hand, if it is a partnership or a corporation, you need to define the liability. That is a limited liability or unlimited liability. According to Opstart, it is crucial to seek legal advice in this case.
2. Actual registration.
When registering a business in Ontario with Opstart, the first thing you need to look for is a master business license or MBL. This acts as a proof that the business name is registered with the government. It is also used to prove payment for the name and related transactions with the government.
During the registration, you will need to submit the business name and address, business entity description, your name, and physical or home address, legal documentation and names of other partners in case it’s a partnership business. However, actual registration will have other considerations.
A. Registration time.
A sole proprietorship can be registered using single or duo names according to your preference. If it is a partnership, a declaration from the partners must be submitted during registration. It is important for one to provide trademarks in order to protect the business. When it comes to corporations, Opstart suggest that legal practitioners should be involved in order for the registration to succeed. You can also watch this video at https://www.youtube.com/watch?v=aknOIm7SUiM for more facts about business.
B. Registration Place.
There are different portals, sites and places where these Business Startups are registered. According to Opstart, a portal like ServiceOntario is used for registration of simple businesses like sole proprietorships and partnerships. All information concerning the business is provided here. In most cases, this registration has to be renewed after a certain period, not more than five years. Other sites and portals are used for corporations. Financial information has to be provided in this case.