If you wish to develop a partnership or a sole proprietorship business in Mississauga, you need to register for a master business license to operate it. This form of registration is straightforward and essential at the same time to identify a specific business as a legal entity. You are free to contact Yogi & Associates as it is a trustworthy firm in Ontario, and it provides the service for registering a master business license.
A master business license contains various important details about a business, such as the business name, the address, the type of business, and the business registration number. So before applying for a business license, you need to know some essential details regarding this license. Let’s begin!
Explaining Master Business License & Its types
How do you define a Master Business License?
A Master Business License, also known as Business Name Registration, is a registration document that legally permits business owners to operate their business under an appointed name. Once you register for a business license, you can promote your brand publicly. This license offers an excellent opportunity for entrepreneurs in Ontario or foreign businesses with a small registration fee.
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Renewal or Cancellation of Master Business License
There are different reasons why a business owner may want to cancel their current Master Business License. For instance, if an entrepreneur chooses to incorporate the business, operate under a different name, or simply because they want to cease their business. So regardless of the reason, you can cancel your license either by mail or online through Yogi & Associates. However, it would help if you have the following things during your business license cancellation process:
- Business name
- Business Identification Number (BIN)
- Business type (Sole Proprietorship, General Partnership or Tradename)
- Business Activity
- Individual or Corporation listed on the license
- The person approving the cancellation
How to register for a Business License?
Under the Business Corporation Act of Ontario, you have to register your business name if you are operating a business under a name other than the legal name of the business owner. Registration applies to the following:
- Sole Proprietorships
You can register your business license either through an online method or email to Yogi & Associates. Our agent will check your order before the final submission to the government. For more information about master business license, you can view our article, Here’s How to Register for Master Business License
The total fee for registering your business license is as follows:
Three Types of Master Business License:
Anyone who owns a sole proprietorship business, Trade name, or General partnership can register for a master business license.
1. Sole Proprietorship
As a sole proprietor, you can register for your business license and get several advantages, such as opening a bank account, developing a brand, or attaining a municipal permit. So, the type of legal entity would be sole proprietorship in the registration statement. The individual must be more than 18 years of age and have an Ontario address. The online filing fee is $29, and the government fee is $60.
2. Trade Name
A corporation can also register for a master business license to operate its entire business under a different operating name other than its legal name. These active names are also called Trade Names or fictitious names. A numbered corporation (654321 Ontario Inc.) often registers operating names to have a brand value or publish on a business card or publicly advertise.
The registration statement will show the legal entity type as "Corporation ."The Corporation must have an Ontario address and must be registered in Ontario. However, owning a federal or non-Ontario corporation must be registered extra-provincially in Ontario. The online filing fee is $29, and the government fee is $60. And the individual should be more than 18 years old.
3. General Partnership
When two or more individuals or corporations choose to set up an unincorporated business in Ontario, they can register a Master Business License as a form of General Partnership. All individual partners must have an address in Ontario, and their age should be more than18 years. Also, the corporations must provide an address in Ontario and be registered in Ontario. The online filing and government fees are the same as in Sole Proprietorship and Trade Name.
The Master Business License provides the following:
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- Registration is valid for five years.
- The ability to operate a business name within Ontario.
- To open a Bank account, tax accounts, get cheques and business cards.
- Advertise and promote the business name.
The Master Business License does not provide the following:
In addition, you must know that a business license doesn't provide the following:
- Name protection against other business names in Ontario.
- Corporate tax benefits.
- Flexibility to make changes to the registration.
- Continual registration.
Although acquiring a master business license is not a difficult task, not all businesses require it to operate. For example, if you plan to use your name as your business name, you don’t need to register for it. However, if you want to register a business in a different name, you must register a master business license. If you feel any complications registering a business license for a sole proprietorship, general partnership, or trade name, you are free to contact Yogi & Associates. Our office is located in Mississauga, so don’t hesitate to contact us.