Starting a business in Ontario is an exciting opportunity that requires early decisions about structure, ownership, and filings. Common business structures include sole proprietorships, partnerships, and corporations, and business owners may also consider federal incorporation depending on their goals.
Choosing how to set up your business affects ownership, liability, management, and future planning. We help clients establish new businesses in a way that reflects their goals and sets a clear foundation from the outset.
Ibitoye Law can help with:
- Reviewing options for structuring a new business
- Preparing and filing incorporation documents
- Assisting with Ontario or federal incorporation
- Drafting foundational corporate documents
- Addressing ownership arrangements for businesses with multiple founders
- Helping business owners plan for future succession and transfer of ownership
Incorporation
Incorporation can offer benefits for many business owners, depending on the nature of the business and its long-term goals. We assist with the legal steps involved in incorporating a business and preparing the documents needed to establish the corporation properly. We also help clients address early decisions about share structure, directors, and ownership arrangements.
Succession Planning for Business Owners
Business formation is also a good time to think about the future. For business owners, succession planning can include planning for retirement, incapacity, family involvement, or the future sale or transfer of the business. Addressing these issues early can help protect the business and reduce uncertainty later on.
Reach Out to Ibitoye Law
Starting a business is an important step, and the right legal foundation can make a meaningful difference. At Ibitoye Law Office, we help business owners put the right structure in place and prepare for the future with confidence. Contact our office to discuss business formation or incorporation services.
Ontario Business Formation FAQ
No. Ontario recognizes several business structures, including sole proprietorships, partnerships, corporations, and co-operatives. The right choice depends on factors such as ownership, liability, tax treatment, and future plans for the business.
That depends on where you plan to operate and how you want the business set up. Federal incorporation can give you the right to use an approved corporate name across Canada, while Ontario incorporation may be a good fit for businesses focused on Ontario operations.
A corporation can use either a word name or a numbered name. With federal incorporation, a numbered name is assigned as part of the filing process, such as “12345678 Canada Inc.”
A CRA business number is the 9-digit number used to identify your business for government programs and tax accounts. GST/HST registration becomes mandatory for most businesses once they exceed the CRA’s $30,000 threshold under the applicable rules, although voluntary registration may be available earlier.
Incorporation is not the last filing. Federal business corporations must file an annual return every year and must also file information on individuals with significant control. Ontario corporations also have annual return filing obligations through the Ontario Business Registry / ServiceOntario system.
