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Trade Name /MBL/ DBA:
A company typically uses a trade name to conduct business using a simpler name rather than using their formal and often lengthier name. Trade names are also used when a preferred name cannot be registered, often because it may already be registered or is too similar to a name that is already registered. If you want to use a name other than your legal business name, you will need to register it as a trade name/DBA (Doing Business As).
Some examples of businesses that need to register a trade name/ MBL/DBA include: You are a sole proprietor but are adding something to your legal name that modifies it (for example, Jane Doe Consulting). You plan to use a name other than your legal name for marketing purposes (for example, your business’ legal name is Smith Bakeries Inc., but you are marketing as Bob Smith’s Bakery).
Attributes : 1. Can own by Corporation, Individual; 2. Easiest form to start business 3. No Business name protection 4. Tax facility based on owners
Sole Proprietorship:
A sole proprietorship is an unincorporated business that is owned by one individual only. While it is the most simple of the types of businesses, it also offers the least amount of financial and legal protection for the owner. Sole proprietorships do not create a separate legal identity for the business.
Therefore, the owner is fully liable for any and all liabilities incurred by the company. An entrepreneur may choose this option if they want to retain full control of the business. Additionally, it is a relatively easy and inexpensive process to establish a sole proprietorship. There are also tax benefits, as income is considered the owner’s personal income and therefore only taxed once.
Attributes : 1. Easy to registered 2. Unlimited personal liability 3. Only register under provincial government. 4. Simple personal tax structure 5. No name protection 6. Single owner 7. Ownership can not transfer