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Business Registration
Business Start-ups & Incorporation of companies:
Register your business name.
Complete incorporation on your behalf or provide you with full incorporation kit.
Determine what will happen to your current business losses and future profits.
Determine what business assets and goodwill to transfer to the corporation.
Choose a fiscal year end or calendar year end and when to incorporate.
Develop a mix of salary, dividends and bonuses to be paid to yourself and others.
Set up company books, records and government filings.
Facilitate management decisions towards a successful business.
Proprietorship
Pros
Easy to start
Low start-up costs
Low regulations
Owner controls decision making
All profits to owners
Tax advantages
Minimal working capital
Business losses can be claimed on
Cons
Unlimited liability
Difficulty in raising capital
Higher taxation rates with higher income
Lack of continuity
Business reliance on self
May be difficult to sell
Pros
Easy to start up
Low start-up costs
Additional sources of capital
Tax advantages
Limited regulation
Broader management base and complimentary talents
Cons
Unlimited liability
Difficulty in raising capital
Divided authority
Suitable partners may not be available
Conflicts between partners
Partners can legally bind each other
Lack of continuity
Profits are smaller per share
Partnership
Corporation
Pros
Limited liability
Possible tax advantage
Ownership is transferable
Continuous existence
Specialized management
Separate legal entity
Easier to raise capital
Capital gains exemptions
Cons
More expensive to set up
Closely regulated
Extensive record keeping
Dividend taxation
Shareholder liability
Personal guarantees can undermine limited liabilities
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