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SOLE PROPRIETORSHIP, PARTNERSHIP & CORPORATION? …

Page 1 of 4 Small Business BC | Tel: 604-775-5525 | 1-800-667-2272 | Email: | Web: SOLE PROPRIETORSHIP, PARTNERSHIP & CORPORATION? Before registering your business, you should consider the different options available to you. From a legal point of view, there are three common types of businesses: Sole Proprietorship, PARTNERSHIP , and Corporation. Each structure has different and important implications for liability, taxation, and succession. What are the advantages for your business of incorporating a company versus registering a PARTNERSHIP or a sole proprietorship? We suggest you contact a lawyer or accountant if you are not sure which type of business structure will meet your needs.

a Partnership, a partnership agreement should be drawn up. You can access some sample partnership agreements at the Small Business BC library, and standard form Partnership agreements can also be purchased from the bookstore at Small Business BC. You would share in the profits according to the terms of the partnership agreement.

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