Many Canadians dream of starting their own business, and naming your business is an essential aspect of that process. So, business owners often struggle to develop the perfect name for their company. After all, the stakes are high. You will be remembered if you choose the correct word. Conversely, you're haunted to disappointment if you choose the wrong name. But don't freak out; you can seek help from Yogi & Associates to our branch in Mississauga to make this whole process less difficult for you. When you're beginning a business, it's necessary to pay attention to how to choose a business name because it's not only an essential aspect of your marketing strategy, but it also has to commit to specific legal requirements. For that, our professionals are here to assist you in choosing your business name wisely.
Registration Process for Master Business License
What is a Master Business License?
A master business license is a legal document that consists of your business name, address, business number, and a short description of your business activities. A master business license also describes the kind of business you own, such as a sole proprietorship, limited liability partnership, or extra-provincial limited liability partnership.
Why do you need a business license?
The answer to why you need a business license depends on your business structure.
- If you are starting a business as a sole proprietor and want to do your business under a name that is different from your full name, you need a master business license.
- Suppose you want to incorporate your business, and you want your corporation to do business under a name different from the corporate name, like a trading name. In that case, you will need a master business license.
The application process for a master business license
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You can register for a business license through the following methods:
- Online (Easy and Fast)
- Email (You may have to wait for processing times for your business license)
What does a business license provide?
It provides you with the following credentials:
- Provides you registration for your business valid for five years.
- It permits you to operate a business name within Ontario.
- You can open a bank account, tax accounts, and business cards
- You can advertise as well as promote the business name.
- It provides you access to discounted prices from the supplier.
Who can register for a business license?
Anyone whose age is more than 18 years can register for a business license in Canada. There is no precondition as to the status of the registrant. In Mississauga, three different business structures require a business license to carry out their business activities. These are as follows:
1. Sole proprietorship
For a business structure as a sole proprietor, the registration is available to a sole owner of the business. Besides the owner, a sole director can also incorporate a company and register for a business license. You can view our article 5 Amazing Benefits of Sole Proprietorship to know more about sole proprietorship.
2. General partnership
General Partnerships registration can be completed by two or more individuals or corporations in Ontario. The General Partnership initiates when two or more individuals want to operate a business together or two or more corporations want to run a business together.
3. Trade Name
Trade Name registration can be operated by an existing corporation that has either incorporated in Ontario or imported into Ontario and has thus got an Ontario Corporate number. You can register an unlimited number of trade names under your corporation in trade name.
Price for registering a business license
You need to know that for attaining a business license; you first need to create a NAUNS report to see if someone already registered has another business same as your name. This search report is quite helpful to know what other business names are registered that are similar to your own. These searches can cost between $8 and $26, depending on the records you involve in your inquiry. The filing fee for registering a master business license online with the government is $60.
Master Business Licenses Can Be Cancelled
Do you think that you cannot change the business license? Then don't because it is possible to change the master business license once you get it. For example, if you want to change the name of your business, you’ll have to cancel the previous permit and register a new one. You can cancel your business license either online or by mail. You can do this online by using the tool available on the Service Ontario website
If you close your registered business, you require to cancel any business license linked with your business. However, the best option is to inform the Canada Revenue Agency (CRA) about the cancellation to avoid an abrupt end in your business that does not trigger an audit.
Through this article, you may have realized that getting a master business license is an easy and essential step to start a business through. That's why it is crucial to register your license from the beginning to feel confident that you are operating your business legally. If you face any complications while registering for business license, please contact Yogi & Associates as we provide the service of Master Business License. We will feel pleasure to guide you through the whole process. You can contact us online through our website. You can also find us easily in Mississauga.