What are the different business registration options?

Sole Proprietorship General Partnership Trade Name/Corporate Style
A sole proprietorship is a business registered when there is only one
A general partnership is a business registration where there are 2 or
more partners.
Also known as a trade name and is registered to a corporation instead of
a person.
A benefit of being a sole proprietor is having more control over your own
business decisions.
A benefit to partnerships includes having the ability to draw on various
peoples’ strengths and resources.
This allows a corporation to continue business under a name other than its
A drawback could include difficulty in raising funds A drawback can be difficulty in reaching decisions, which must be made as part of a consensus instead
of individually.
A corporation can register multiple different trade names.
A further drawback is the transfer of business ownership, which cannot be done simply and a new registration
must be filed.
Note: A corporation can also be a partner
NOTE: If doing business under your own personal name, a business
registration is not required.


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