Starting a Business. Step 4: Choose a Business Structure
The Library’s series of guides, Starting a Business, follows the City of Toronto’s 9-step guide, How to Start a Business:
Step 1: Conduct Market Research
Step 2: Prepare a Business Plan
Step 3: Create a Marketing Plan
Step 4: Choose a Business Structure
Step 5: Register Your Business
Step 6: Secure Your Financing
Step 7: Choose Your Business Location
Step 8: Apply for a Business License
Step 9: Determine Tax Requirements
Other Considerations
“When starting a company, it’s essential to select the business structure that best supports your goals. Most of the time, business structures are chosen to comply with tax law, which treats each type of structure differently.” How to choose the right structure for your business (BDC)
“There are four types of business structures in Ontario: sole-proprietorship, partnerships, corporations and cooperatives.” Business structure: Which one is right for you? (FedDev Ontario, Small Business Services)
“There are four types of business structures in Ontario and each of them serve different legal and tax needs.” Decide on the ownership structure for your business (Gov. of Ontario)
Books (end eBooks)
Search the Library catalogue with the following subject headings:
- Business enterprises—Law and legislation—Canada
- Business enterprises—Law and legislation—Canada—Textbooks
- Commercial law—Canada
- Corporation law—Canada—Textbooks
- New business enterprises—Law and legislation—Canada
See chapters on business structure or organization. E.g. (call number, title):
- 346.71065 BAR. A quick and dirty business start-up guide from the perspective of a tax lawyer and serial entrepreneur. Chap. 3, Business structures and operations. Business structures and their taxation
- 346.71065 ROS. Business legal adviser. Vol. 1, chap. 1, Choice of business form
- 346.71065 YAL. Business organizations: practice, theory and emerging challenges. Chap. 1, An introduction to business organizations
Websites
Provincial
- Business structure: Which one is right for you? (FedDev Ontario, Small Business Services). Gives the pros and cons, in separate tables, of:
Sole-proprietorships and partnerships
Corporations
Co-operatives (for profit and not-for-profit)
- Choosing a form of business and becoming self-employed (Legal Line)
- Decide on the ownership structure for your business (Gov. of Ontario). Gives the pros and cons, in separate tables, of:
Sole proprietorships
Partnerships
Corporations
Co-operatives
Federal
- Business structure (Gov. of Canada)
“The type of structure you choose for your business has a significant effect on the way you report your income. The business structure impacts the type of tax returns you file each year, and many other matters.” Gives the impacts of Sole proprietorships, Partner-ships and Corporations.
- How to choose the right structure for your business (BDC). Gives tables summarizing the pros and cons of Sole proprietorships, Partnerships and Corporations under the headings:
Legal status
Control
Profits
Debts
Taxation and Assets
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