Sole Proprietorship vs Corporation

The sole proprietorship vs incorporation are two of the most popular business structures in Canada. Each has its own advantages and disadvantages, so it’s important to understand the difference between the two before you decide which one is right for your business. A sole proprietorship is a business owned by one person. The sole proprietor is responsible for all aspects of the business, including liabilities and taxes. This structure is easy to set up and requires little paperwork.

There are several key differences between sole proprietorship vs corporation. For starters, sole proprietorships are owned and operated by a single individual, while corporations are owned by shareholders. This means that sole proprietors have complete control over their business, while shareholders elect a board of directors to make decisions on behalf of the corporation. Another key difference is that sole proprietorships are not subject to corporate income tax. Instead, sole proprietors pay personal income tax on their business earnings.

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