It is common for small business owners to look at incorporation once their business has seen some success as a sole proprietor. Whether you’re looking to reduce your liability, access tax benefits, or bring on additional shareholders/investors, incorporation could be your next step as a business owner.
Before you get started
There is no transition process from a sole proprietorship to incorporation. The corporation is a new legal entity, so you will need to incorporate from scratch.
The fees for incorporation won't change even though you have a sole proprietorship registered.
You can close the sole proprietorship directly with the government afterwards if you wish.
Get started
1. If you already have an Ownr account, select Add new company from the toolbar.
2. Click New, as you are creating a new entity.
Create a corporation with the same business name
Should you choose to incorporate using the same business name as your sole proprietorship, you must sign a consent form to allow you to carry this forward.
Please note that the naming rules for corporations are more strict than for sole proprietorships, so there is no guarantee that you will be able to incorporate with the exact same name.
1. On the Name Confirmation page of the application, type in the exact business name that matches your sole proprietorship.
2. A message will appear stating there is an exact match for the name. Click click here.
3. A window will appear with a drop-down menu. Choose Business Under This Name.
4. Sign the Trade Name Consent document. This confirms that you are the current owner of the business name.
Your consent will be submitted to the government for their review once you submit your application.
5. Enter information about the directors, officers, and shareholders in your corporation, choose a plan that fits your needs, and submit your incorporation to the government.