Finally, if the enterprise you run or the work you do is on a casual basis, such as on weekends or during the summer, you may not want to register for the simple reason that registering costs money. Now you need to choose a type of business organization for your company. She also liked the fact that it gave her direct control. There s just me, she says. I can help the people I want to help, without having anyone dictate to me.
Sole proprietorships are great for people who plan to stay small.
For tax purposes, all the income from your business is simply added to your personal tax return, minus expenses. With me and my partner, it was just a natural progression, recalls Deneault, who adds that partnerships can be great for sharing decisions. Better to have two heads than one. A partnership shares the low start-up costs, few regulations and full liability of sole proprietorships. Corporation A corporation is legally separate from you as the owner.