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### Choosing the Right Business Structure for Long-term Success Selecting the appropriate business structure when starting a business in Canada is crucial for future growth and success. The three primary options are sole proprietorship, partnership, and corporation, each offering distinct advantages. Sole proprietorships are easy to set up and entail direct taxation of profits, but they involve unlimited personal liability. Partnerships, involving two or more owners, come with shared liability and individual taxation based on profit share. Corporations stand out as separate legal entities, providing liability protection to shareholders and potentially lower tax rates. Incorporation also boosts credibility and makes it easier to secure funding. With resources like BDC’s financial support and MaRS Discovery District’s start-up toolkit, new entrepreneurs have ample support at their disposal. What business structure has worked best for your venture? How did it influence your business growth strategy? #nextlevelcoaching #businessstructure #entrepreneurship #corporategrowth #startupsuccess
