WHAT IS Business Structure?
Just like a house can’t hold itself up without a framework, neither can a business exist without a structure. In Canada, there are four main forms of businesses, sole proprietorships, partnerships, corporations, and cooperatives. Choosing the right type from the start is absolutely essential, as everything else you do will be built around this framework. So how do you choose?
There are many considerations when starting or expanding a business. Are you looking to be the sole owner, or share ownership with one or more partners? Do you want to maintain complete control, or share some of the decision making with your partners? Are you comfortable being liable for potential losses, or would you rather the business exist as a separate entity from your personal self?
These are only a few of the many questions that you have to ask when building a business. Our best piece of advice? Seek help from an advisor, right from the beginning. Business structures are not one-size-fits-all, and there is no proven step-by-step approach that works for everyone. Your goals are unique to you, and your structuring process should be too.
Whether you’re looking to restructure an existing company, transfer shares, apply for licenses and permits, or start a business from the ground up, we can help you make the right legal decisions. With a strong plan and proper guidance, we can help to avoid potential conflicts that often arise with rushed or uninformed legal decisions.
At Pihl Law Corporation, we excel in helping our clients build and maintain strong, successful enterprises. We offer a comprehensive Business Law Practice, which is well equipped to answer your questions and help you meet and exceed your business goals.
Contact us to book a consultation on business structures today, and give your business the best start possible.