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Business Structure: Which One Is Right For You?

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Business Structure: Which One Is Right For You? This blog is brought to you by  LawyerSelect.ca  - Free Personalized Lawyer Referral Service There’s no question that starting your own business can be a complicated and nerve-racking venture. One of the most important decisions you’ll have to make in the early stages is deciding what type of business structure best suits your new business. In Ontario, there are three different types of business structures: sole-proprietorships, partnerships, and corporations. Each type of structure has its advantages and disadvantages, and it’ll be up to you to strike the right balance for your business. Sole Proprietorships This type of business structure is as it sounds: you are the sole owner and are duly entitled to all the profits generated from its business. Conversely, you are entirely responsible for all its debts, liabilities and obligations. Unlike corporations, you are personally liable for the company, and there...
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Terminating Dependent-Contractors: What Effects Can It Have On Your Business?

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Terminating Dependent-Contractors: What Effects Can It Have On Your Business? This blog has been brought to you by LawyerSelect.ca A lot of people will be unfamiliar with the term dependent-contractors. Conversely, many will be familiar with the term independent-contractor. These terms typically come up in the employment context, and if you run a business where this is the case, you’ll definitely want to keep reading. One of the most significant errors a business owner can make is to misclassify a worker as an independent-contractor. There are many repercussions to making this misclassification, like being held liable by the Canada Revenue Agency (CRA) for all the statutory deductions that you should have made from the worker’s earnings. Many business owners are surprised to discover that a middle ground exists between the categories of employee and independent-contractor: that of, dependent-contractor. This is where a worker is not classified by the business as an empl...
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