Alchemy Accounting

Your business structure affects how you file taxes, manage liability, and report income to the CRA.

There are three main business structures:

- Sole Proprietorship

Simple and common for small businesses. Business income is reported on your personal tax return, but there is no legal separation between you and the business.

- Partnership

Two or more people share income, expenses, and responsibilities. Each partner reports their share of income on their personal tax return.

- Corporation

A separate legal entity that files its own corporate tax return and may provide greater liability protection and tax planning opportunities.

Each structure comes with different tax obligations, filing requirements, and levels of personal liability protection.

The structure that works best for one business may not be the best fit for another, especially as your income and business grow.

Reviewing your business structure regularly can help support better tax planning, compliance, and long term business goals.

Have questions about business structures? Comment below!

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Staying on top of your bookkeeping and finances can help you:

- Understand your numbers
- Improve cash flow
- Stay organized for taxes
- Make smarter business decisions
- Reduce financial stress

We are here to help you stay financially organized and confident in your business finances.

Book a call using the link in our profile or comment “books” below to learn more about our services.

Free Consult Call: https://app.squarespacescheduling.com/schedule.php?owner=22247032&appointmentType=35904554

Our goal is to help you spend less time stressed about your books and more time focused on growing your business.

Book a call using the link in our profile or comment “books” below to learn more about our services.

Free Consult Call: https://app.squarespacescheduling.com/schedule.php?owner=22247032&appointmentType=35904554