Business Start-ups & Incorporation of companies

Business Registration  brizy media wp 5ed62316fd3e07a1f9e5b42853482197 brizy crop iW 3D400 26iH 3D267 26oX 3D0 26oY 3D83 26cW 3D400 26cH 3D101 brizy post 9096
Register your business name.
Complete incorporation on your behalf or provide you with full incorporation kit
Choose a fiscal year end or calendar year end and when to incorporate.
Develop a mix of salary, dividends and bonuses to be paid to yourself and others.
Determine what will happen to your current business losses and future profits.
Determine what business assets and goodwill to transfer to the corporation.
Set up company books, records and government filings.
Facilitate management decisions towards a successful business.

Proprietorship 

Pros

  • Easy to start
  • Low start-up costs
  • Low regulations
  • Owner controls decision making
  • All profits to owners
  • Tax advantages
  • Minimal working capital
  • Business losses can be claimed on

Cons

  • Unlimited liability
  • Difficulty in raising capital
  • Higher taxation rates with higher income
  • Lack of continuity
  • Business reliance on self
  • May be difficult to sell

Partnership

Pros

  • Easy to start up
  • Low start-up costs
  • Additional sources of capital
  • Tax advantages
  • Limited regulation
  • Broader management base 
  • Complimentary talents

Cons

  • Unlimited liability
  • Difficulty in raising capital
  • Divided authority
  • Suitable partners may not be available
  • Conflicts between partners
  • Partners can legally bind each other
  • Lack of continuity
  • Profits are smaller per share

Corporation

Pros

  • Limited liability
  • Possible tax advantage
  • Ownership is transferable
  • Continuous existence
  • Specialized management
  • Separate legal entity
  • Easier to raise capital
  • Capital gains exemptions

Cons

  • More expensive to set up
  • Closely regulated
  • Extensive record keeping
  • Dividend taxation
  • Shareholder liability
  • Personal guarantees can undermine limited liabilities