British Columbia Business Registration

Types of Business Registrations

Sole Proprietorships

• Sole proprietorships are the most common and simple form of business structure. Under this type of business structure, one person owns the assets of the business and is also personally responsible for its liabilities. The owner can employ others to help in operating the business, but the owner usually manages the business himself or herself. There are few formal legal requirements to establish sole proprietorships, and they are much cheaper to create than corporations. A British Columbia sole proprietorship must have its registered business address located within the Province of British Columbia.

General Partnerships

• Partnerships are similar to sole proprietorships in that the owners of the business personally own all the assets of the partnership and are personally responsible for the liabilities of the partnership. The basic difference between a partnership and sole proprietorship is that a partnership has more than one owner (referred to as a partner). The partners can employ others to help in operating the business, but they usually have a hand in the operation or management of the business. There are few formal legal requirements to establish partnerships, and they are much cheaper to create than corporations. A British Columbia partnership must have its registered business address located within the Province of British Columbia.

Trade Names

• Trade names are business name registrations for corporations. Any corporation that identifies itself to the public under a name other than its full corporate name must register that name as a trade name (also known as a business name, operating name, fictitious name, trade style, and dba – "doing business as" name). Both the trade name and the underlying corporate name must be identified on all contracts and other legal documents. Trade names are commonly used where a corporation operates using several business names for different divisions of its business.