Where to Incorporate your Toronto Small Business: Provincially or Federally?
Many small, solo, and family business owners aren’t certain as to whether they should incorporate – federally, provincially, or even at all.
But incorporation is not just for big businesses.
In fact, one of the biggest mistakes that startups make is not consulting a lawyer to determine the legal structure of their company. The consequences of this can be substantial, including higher taxes and significant personal liability.
That’s where small business legal advice comes into play.
A seasoned corporate lawyer can help you make the decision as to whether – and where – to incorporate your small business, depending on the nature of your business.
Because despite the extra cost and work that incorporation requires, it does offer several key benefits.
The infographic below will help you understand the advantages of incorporation generally, and more specifically federally and in Ontario.
We’ve also provided you with questions to ask yourself about your business that will help you decide where you should incorporate.