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Old 12-22-2020, 08:26 AM
 
1 posts, read 199 times
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What is the process to register for a Master Business Licence
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Old 12-22-2020, 10:41 AM
 
Location: Kalamalka Lake, B.C.
3,190 posts, read 4,432,536 times
Reputation: 4179
Default "Master" business license?

Quote:
Originally Posted by Robe189 View Post
What is the process to register for a Master Business Licence
Would you like to "flesh out" what you're referring to, and what jurisdiction??? I've never heard of such a thing in Canada.
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Old 12-27-2020, 10:27 AM
 
Location: Toronto, Ontario, Canada.
2,762 posts, read 3,702,605 times
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To the OP.


In order to get proper answers yo your question you will need to...


Tell us which of the ten Provinces, and 3 Territories you intend to operate IN, and what type of business you want to become


You have a number of choices. You can be a sole owner, or be in a partnership. You can register as a corporation. Each Province has a website that allows you to register your business on line, and pay the fees at the same time. Once you receive your business registration, you can go to a bank and open a business bank account. Your registration certificate will include a GST tax registration number, a Canada Revenue Taxation number, and if you intend to employ people, a number for the Provincial worker's compensation program.


If you register as a sole operator, your personal effects, like a house or car or tools, can be lost if you are sued in a civil court action and a judgement is made against you. On the other hand, if you form a corporation...only the assets of the corporation can be attached in a court ordered judgement. Obviously incorporating is a way to protect your own assets if you are sued.


Before your application can be approved, the Provincial registration office will run your proposed company name through the existing database, to be sure that your proposed new company name is not identical to, or too close to an existing one. Usually you have to select 3 potential business names on your application. In the past I have registered 3 partnerships, and 2 corporations. Using your name as a part of the company's name can be a good way to be sure the application will be approved. Some terms such as limited, ventures, investments, enterprises and the like are regulated . If you are a sole operator, you can't call your business XYZ Incorporated, because you are not a incorporated business.


Business names should try to reflect what the company does. One of my past partnerships was Reward Towing and Storage. Pretty straight forward. Another was The Computer Graveyard which recycled computer equipment and sold the scrap .


Now, tell us what you intend to do ?
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