Your business structure impacts everything from taxes to liability and growth potential. The resource from BDC outlines the advantages of different structures to help you make an informed decision:
- Sole Proprietorship: Simple setup, complete control, and straightforward taxes, but personal liability for business debts.
- Partnership: Shared responsibilities and combined resources, but partners share liability.
- Corporation: Separate legal entity offering limited liability and easier access to funding but with more regulatory requirements.
The ISED guide provides essential information on the co-operative business model in Canada, including key legal frameworks, resources for development, and step-by-step guidance to help entrepreneurs and individuals create and grow non-financial co-operatives.
- Co-operative: Member-owned structure promoting shared benefits, suitable for businesses with a collaborative focus.
Each structure has unique advantages and considerations. Explore the resources to choose the right fit for your business goals.