Prince Edward Island Sole Proprietorship Registration
Prince Edward Island business name registration for sole proprietorships. If you are using a business name that differs from your full name, you need to register that business name. A sole proprietorship is an unincorporated business that is owned by one individual. It is the simplest kind of business structure. You may choose to register a business name or operate under your own name or both.
In Prince Edward Island, sole proprietorship business names are registered by filing a Declaration of Trade Name with the Prince Edward Island Registries office. Ecompanies Canada offers fast & easy Prince Edward Island online sole proprietorship business name registration service. At Ecompanies Canada we help you step-by-step and take care of the entire business registration process from start to finish. Registering a new business name with us is fast, easy and takes just minutes.
Prince Edward Island Business Name Registration Fees
Prince Edward Island Gov Fees: $55
Prince Edward Island NUANS Report:$70
eCompanies Canada Service Fee: $39.99
Tax (GST): $1.99
Total Fees: $166.98
The owner of a sole proprietorship has sole responsibility for making decisions, receives all the profits, claims all losses, and does not have separate legal status from the business. If you are a sole proprietor, you also assume all the risks of the business. The risks extend even to your personal property and assets.
If you are a sole proprietor, you pay personal income tax on the net income generated by your business.
If you operate as an individual, just bill your customers or clients in your own name. If you operate under a registered business name, bill your clients and customers in the business’s name. If your business has a name other than your own, you’ll need a separate bank account to process cheques payable to your business.
A business name doesn’t have a legal existence in its own right. It’s simply a name used by one or more persons to represent their business to the public. That means the sole proprietor or partners are personally responsible for the debts and obligations of the business.
Registering a business name doesn’t grant any right of ownership of the name. It’s simply proof that the name is being used by a particular business.