people prefer to register their business as a corporation. Advantages
of incorporating are as follows:
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. Because of this the corporation may be able to obtain
its own investments or credit.
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
shareholders of the corporation are not liable for default, obligation
or liability that the corporation has incurred unless the shareholders
give personal guarantees.
may be tax advantages to incorporation. A corporation in most cases
has lower tax levels than any individual tax bracket.
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.
- With an Ontario Incorporation, 25% of the directors are required to be either Canadian citizens or Permanent Residents
to company incorporation are as follows:
a corporation has its own identity, it also has to file its own tax
returns. The individual shareholder must file their personal tax return
along with a secondary tax return for the corporation.
a corporation means more paperwork in most cases. Not only are you
required to maintain personal records for yourself as a shareholder,
but also maintain the records for the corporation.
initial costs for a corporation is higher than other options available
for businesses which is approximately $600.00.
Let Ontario Business Central help you with incorporating in Ontario. Our Ontario company registry will ensure that your Ontario Incorporation gets processed quickly and you get the service you deserve.