Do you want to launch your own company in Canada? Do you have a wild business idea? In that case, you should apply for a master's business license.
Do you want to launch your own company but want it to be launched as practically and efficiently as possible? You keep hearing that to start a business, you must get a Master's Business License. Only residents of Ontario who desire to launch a business can get this licence, which is also known as an Ontario Business Registration.
Any company you see on television, billboards, online, or in newspaper advertising must first apply for this license in Ontario. Owners of businesses can lawfully use a certain business name and take advantage of additional freedoms with the help of a master business license. A sole proprietorship, general partnership, or trade name may all be registered under the Business Names Act with the assistance of a master business license.
What is a master business license?
A master's business license is a record that includes your personal information like your company's name, address, business number, and a summary of its operations. It also includes your company’s kinds like sole trader, sole proprietorship, partnership, limited liability, and tradename.
What are the eligibility criteria for master’s business license registration?
The eligibility criteria for a master’s business license are pretty simple and uncomplicated. If you are 18 or over, you can set up your own business with a master’s business license. It does not require any type of citizenship or permanent residency documentation.
To conduct some commercial operations, such as those related to medicine, agriculture, or technology, you might additionally require a license from an appropriate state or federal agency.
What type of business structure requires a master's business license?
You all need a business license to establish your business and enjoy further benefits. There are three types of business structures on which a Master Business License can be registered:
Sole proprietorship:
If no documentation is filed to form any other type of business structure and that business is owned by one individual, it is regarded as a sole proprietorship. On a sole proprietorship, the debt and responsibility of a sole trader are entirely their responsibility, and on their tax returns, business revenue is reported as self-employment income. You can also use dba like the dba affordable care system if you are the lone owner because your name is the legal name of your company.
Partnership
In terms of tax, partnerships and sole traders do have many similarities. Partners share responsibility for liability, and they do not segregate their assets from the company’s assets. Furthermore, partnerships do have dba in addition to using the last names of their participants as their formal company name.
Trade Name
In trade name, the only existent corporation that has been formed or purchased is eligible for trade name registration in Ontario. In this scenario, they would already have a business Ontario company number.
Another task you can do is have a creative and diverse brand for registering a trading name in Ontario. Your company might use another corporate trade name. Then you will have freedom to manage other company names under the main corporate brand.
Registration Methods Online
Electronic registration is one of the easiest and most convenient methods of registration. To start a business with a master business plan, you need to have certain personal verified documents to start a business online. Moreover, online registration is open 24 hours a day, seven days a week. You can make payments using credit cards.
Office centre
The office centre is the typical way of registering for a master’s business license. You can find many consultations that will help you with the documentation and the whole license process. You can register from Monday to Friday, 8:30 am to 4:00 pm.
In-person
In-person registration is another method of registration. You can go to the nearest Service Ontario office with your documents to get help with registration. The process is straightforward and uncomplicated.
Last but not least, you can also register for a master’s business through the mail. Fill out all your necessary documents and folders and mail them to the service Ontario counter or ministry of government service for further processing. Registration through the mail is a little expensive as you have to pay around $80.00 and it takes 4-6 weeks to process.
Benefits of getting a master's business license
- 5 years of registration
- Able to brand and advertise business
- Can easily open a bank account, tax account, and more
- Can apply for grants
- Can buy products at a wholesale or discounted price
Conclusion
A master’s business license is helpful for someone who wants to start their own business. In this blog, we have learned about what a master’s business license is, the eligibility criteria for a master's business license, and what type of business structure requires a master’s business license. Furthermore, we have also discussed the methods for registering for a master’s business license and the benefits of getting this license.
Starting your own business is one of the most thrilling and stressful situations. You can apply for a master’s business license as it adds further benefits that you can enjoy as an entrepreneur.