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Lecture 13 notes Nov 1 - Legal Forms of Business Ownership...

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Legal Forms of Business Ownership When to Incorporate from a Tax Perspective? - Sole Proprietorship: Definition o Advantages and Disadvantages - Partnerships: Definition o The Partnership Agreement o Advantages and Disadvantages o Types of Partners General Partners Limited Partners - Corporations: Definition o Public Corporations vs. Private Corporations o Private Corporations Restrictions Advantages and Disadvantages o Public Corporations Advantages and Disadvantages o Formation of a Corporation Approaches Articles of Incorporation Required Content Federal vs. Provincial Incorporation When to incorporate from a tax perspective? - Do not incorporat e a business until you are certain business will b e profitable a nd re m ain profitable for the forese e a ble future.
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- Why incorporate? (2 cases) o Personal rates are higher than public/private corporation o As long as you are realizing a loss, stay unincorporated because all  losses generated can be written off against any other sources of 
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Which form is the most common? - But...which has the Largest sales? Sole Proprietorship - Advantages o Easy to form and to dissolve No legal restrictions to start a sole proprietorship o Owner has sole claim on all profits
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