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If you are a sole proprietor operating a business under your legal name (for example, Jane Doe), you generally do not need to register your business name. In all other scenarios, you will need to register your name either as your legal corporate name or a trade name.
If you are a sole proprietor, you pay personal income tax on the net income generated by your business. You may choose to register a business name or operate under your own name or both. If you operate as an individual, just bill your customers or clients in your own name.
- Decide on your company structure. Before selecting and registering a name, you’ll need to decide on a business structure for your future company.
- Meet certain requirements. For your legal name to be approved by Corporations Canada, it must comply with a number of requirements. The government office summarizes the process in a short video, How to name your federal business.
- Create a great name. Full dot-com availability. It’s recommended that you own the domain name associated with your product, your brand, or company name, and that it be a dot-com name, ideally without hyphens or special characters.
- Go through the naming process. “To create a set of candidate names, you need to first articulate the mission of the name,” says Ulrich. “What is the product, service, or company about?
You can register a business name or run your business under your own name. Some sole proprietors do both. Then, you do the work, bill your clients in your name (or business name), and pay taxes on the net income generated by your business.
- Planning a business. Assessing your readiness, choosing a business structure, market research and writing a business plan.
- Choosing a business name. Selecting a good name, checking if a name is taken, registering and protecting your business name.
- Registering your business with the government. Registering or incorporating your business, plus how to apply for a business number or tax account.
- Applying for business permits and licences. Permits and licences that you may need for your business from all three levels of government.
Do You Need to Register Your Business Name? Under the BNA, if you are operating a business in a name other than your own, you must register the business name with the province. Registration applies to: Sole proprietorships, conducting business under a name other than the full name of the sole proprietor;
Jan 25, 2021 · If you decide to operate under your own name as a sole proprietor, all you need to do is bill your customers under your name. But if you register a business, you'll need to open a separate bank account in your business name.
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related to: Should I register a business name or operate under my own name?Protect your personal assets with a $0 LLC—just pay state filing fees. Register today. And keep your business compliant with a registered agent and a business license.
Insights & Resources to Help Your Business Grow at BofA Center for Business Empowerment. Find Timely Guidance to Move Your Business Forward. Let Us Be Your Source for Information.
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A+ Rating - Better Business Bureau
