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Types of Business
Types of Business
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Proprietorship
As a one-person business organization, proprietorships have no special legal requirements and are therefore a common form of business entity. However, for legal purposes, the owner and the business are viewed as one and the same, meaning financial difficulties may result in a loss of assets for both the individual and the organization. Porter Hétu International independent member firms will consult on effective methods of setting up a proprietorship, developing proper accounting procedures, necessary government filings, and offer advice on growth strategies and investments.
Partnerships
Entities can be organized in different ways, with many small businesses starting as proprietorships. But if you are planning on moving into a partnership, there are several things to consider, such as including a written agreement that identifies each partner’s investment, the rights to withdraw funds, the manner in which profits and losses are divided and procedures for admitting or eliminating partners. Each of these are critical elements to consider – our independent member firms will help you draw up the necessary legal documents and written contracts to ensure your best interests are taken into account. Porter Hétu International members will also consult on effective strategies to further grow the organization.
Incorporating
The creation of a corporation is a complex procedure that requires permission from a provincial or federal agency. A legal entity is created that can sell shares, own property, borrow money, incur obligations, and sue or be sued, in the corporation’s name independent of its owners. Porter Hétu International independent members can help you decide when to incorporate, and lead you through the steps. Advice can be provided as well as recommendations on ownership, separation of ownership and management, liability, withdrawal of resources, transferability of ownership and taxes.
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