Business Incorporation Services Toronto
Business incorporation is the legal process of creating a separate entity for your business operations. In Canada, incorporation provides several advantages, including limited liability protection, potential tax benefits, and perpetual existence. Small business owners, professionals, and entrepreneurs in Ontario who want to separate their personal assets from business liabilities should consider incorporation.
When you incorporate, your business becomes a distinct legal entity that can enter into contracts, own assets, incur debts, and be held liable independently from its shareholders. By incorporating, your business can access lower corporate tax rates, defer taxes, and simplify capital-raising efforts. The Canada Business Corporations Act or provincial legislation governs corporations in Canada.
Our Business Incorporation Services
We provide comprehensive incorporation services tailored to Toronto businesses:
- Pre-incorporation consultation — Determine if incorporation is right for your specific situation
- Federal vs. provincial incorporation guidance — Help you decide whether to incorporate federally or under Ontario law for a named or numbered corporation
- Name search and reservation — Conduct NUANS name searches and reserve your corporate name
- Complete document preparation and filing — Prepare and file Articles of Incorporation and other required documents
- Business name registration – Obtain Master Business Lincense of Ontario for your business operating name
- Corporate minute book setup — Create and organize all required corporate records initially
- Business number and tax account registration — Register for GST/HST, payroll, and corporate income tax accounts
- Share structure planning — Design optimal share classes and ownership structure
- Post-incorporation compliance setup — Establish systems for ongoing corporate maintenance
Information and Documents Required to Incorporate a Business
- Two proposed names for NUANS search in case of a named corporation
- Outline how you came up with the proposed names, for example, if it’s a dictionary word or a coined word or anyone’s name
- Business activities
- Selling products or services locally or internationally
- Incorporator’s name, address, phone, email, photo ID, and residency
- List of the initial directors with name, address, phone, email, photo ID, and residency
- Registered address of the proposed corporation
Frequently Asked Questions
1. What are the benefits of incorporating my business?
Incorporation offers limited liability protection, potential tax advantages, easier access to capital, and the ability to transfer ownership. For many businesses, the tax savings alone can offset the costs of incorporation and ongoing compliance.
2. Should I incorporate federally or provincially in Ontario?
Federal incorporation provides nationwide name protection, while Ontario incorporation is faster and cost-effective for businesses operating only in Ontario. We can help you choose the best option.
3. Can I convert my sole proprietorship into a corporation?
Yes, we can help you transfer assets, register your corporation, and handle tax implications smoothly.
4. What documents are required for incorporation?
Key documents include Articles of Incorporation, a NUANS report, corporate bylaws, and initial director and shareholder information.
5. What ongoing obligations will I have after incorporating?
Corporations must maintain a minute book, file annual returns, prepare financial statements, file corporate tax returns, hold annual shareholder meetings, and keep corporate records up to date.
Ready to Incorporate Your Business?
Contact MAQ CPA firm today for an initial consultation about incorporating your business. We’ll help you navigate the incorporation process and set your business up for long-term success with the right corporate structure.
Email: info@maqcpa.ca
Phone: (416) 901-4126