How Do I Register My Business? Sole Proprietorship vs Corporation, Which Is Best For You?

Hii everyone! My name is William Walczak, I’m the CEO of Hiilite and I’m here to answer a question that we get from a lot
of people and that is, “How should I register my company? or how should I
incorporate my company? Stick around I’ll let you know different ways that you can
do it. So the three different ways that you can
actually register a company in most most jurisdictions or most countries is: One,
as a sole proprietorship. Two, as a partnership and three, as a corporation.
So these ones have different tax implications and different reporting
implications but it’s a really important to recognize which one you need. If
you’re just starting off, if you’re relatively young, you don’t want to have
complex accounting requirements or legal requirements go with the sole
proprietorship. You can still register a name and function as ‘Bob’s Plumbing’ but if you want if you want some tax advantages, you’d actually have to look
into the incorporated side of that equation. It’s quite a bit more complex the registration processes and
is a little more complex and while you can do it yourself
I’d highly recommend hiring a lawyer and then an accountant to make sure that
everything is done well. Do this when you’re planning on growing a larger
company. One of the questions that we get is, “Should I start directly at the
corporation?” The answer is no unless you’re already earning more than thirty
thousand dollars a year. Start at the sole proprietorship if
you’re just trying out a business idea sole proprietorship and then when you
crest over that thirty thousand dollars of revenue per year, then go through and
do the incorporation. So a little more information about what a partnership is
or what a partnership requirement is. It’s actually kind of a mix between the
sole proprietor and the corporation. It’s registering that there are multiple
people involved in the sole proprietorship, there are some
permutations of it. The right people to ask for it would be actually lawyers and
accountants as well because they will give you the actual information within
your specific jurisdiction. If you have any questions about whether you should
register a sole proprietorship, a partnership or a corporation, message it
down below or reach out to me on Instagram @william.walczak – Thanks
so much I look forward to speaking to you soon.

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One thought on “How Do I Register My Business? Sole Proprietorship vs Corporation, Which Is Best For You?

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