Business Structure

[Richard]

What is a business structure?

[Atul]

Hello Richard,

In simple terms, a business
structure refers to the way a business is organized. This is generally related to, and is influenced by the ownership structure of your business. e.g. a sole proprietor usually only has one shareholder, a corporation however can have one or many, and a partnership while having lower startup costs, and also allowing more than one shareholder has some disadvantages which corporations do not.

This is a complex question, and the selection of a business structure will depend on your specific circumstance.

I recommend that you speak to a registered accountant before you finalize your business structure. (There are quite a few good accounting firms within the DUKE Heights BIA. Have a look at our members directory if you need to find one.)

There are also some great resources available online where you can get some more detailed information. Here is one that I think will help: https://www.bdc.ca/en/articles-tools/start-buy-business/start-business/pages/advantages-different-business-structures.aspx