[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

[Atul]

Hi Daisi,

This will depend on the nature of your business. Many businesses require one or more licences/permits from at least one level of government.

There is a useful tool created by the various levels of government in Canada which helps you identify which permits and licences are required to operate a specific type of business in a specific location. To use BizPaL, first enter your location, then the type of business you wish to operate. Next, the tool will provide a list of suggested permits and licences. You can read the descriptions of the suggested permits and licences to determine which ones apply to your business.

The BizPaL service can be accessed at the following website: https://services.bizpal-perle.ca/.

I hope this helps!