In Quebec, most types of businesses (corporations, non-profits, co-operatives, etc.) are required to register with the government. As a sole proprietor, however,
you have the choice to register or not.
Why Should You Register Your Business?
The purpose of registering a business is to be easily identified by the government. When sole proprietors send invoices and communicate with the government, they have the choice to work under their first and last name or to register the business. Since you as an individual already have a SIN and pay taxes, your identity is already estab- lished with, and recognized by, the government. In contrast, if you incorporate, that legal entity is separate from you and requires an identity or a relationship with the government all its own. By registering your business, you obtain an NEQ – a unique 10 digit number used for identification purposes.
Although it’s not mandatory for self-employed individuals to register their business, there are many benefits, such as simplifying business rela- tionships
and establishing credibility
with lending institutions. Of all the possible legal structures to set up for a business, sole proprietorship is the simplest type, and therefore also the fastest and least expensive.
Important Things to Keep in Mind When Registering Your Business
As you’re setting up your sole proprietorship, remember
that registering a
business is not the same as registering for sales tax numbers. Whether or not you register, there are certain circumstances where you’ll need to register for sales tax, in order to collect
and remit. You can still invoice under your first and last name, but it’s good practice to also include your NEQ on your invoice. If you decide
to open a sole proprietorship that does not include your first and last name, you must register for an NEQ.
Short and Long-Term Benefits of Registering Your Business
Registering sole proprietorship (obtaining an NEQ) establishes a legitimate history for your business with the government. It also makes it easier to communicate your business concerns
directly to the government. If you need to borrow money for your company
at some point, registering can give you an advantage with lending institutions. It also can give your business
more credibility when dealing
with customers and suppliers. Finally, obtaining an NEQ automatically adds your busi- ness
information to the Registre des Entreprises, making it public record – which may be important
to some people you work with. No matter what kind of company you own, registering it is an easy way to improve the way you do business,
today and in the future.
For more steps to consider when starting a small business,
contact YES at yesmontreal.ca or 514-878-9788.
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