When starting or growing a business, selecting the right structure is one of the most crucial decisions you’ll make. The foundation of your business’s operations, liability, and taxation rests on this choice.
Why Your Business Structure Matters
Your business structure determines how you’re taxed, your personal liability, and how you’ll manage daily operations. Whether you’re looking to protect personal assets or optimize for tax efficiency, making the right decision upfront can save you time, money, and stress.
Options for Business Structures in British Columbia
From sole proprietorships to partnerships, limited liability companies (LLCs), and family trusts, businesses in British Columbia have various options. Each structure comes with unique benefits and challenges. For example:
- Limited Liability Partnerships (LLPs): Ideal for professionals like accountants or lawyers, offering liability protection while maintaining tax flexibility (Partnership Act, Business Corporations Act).
- Family Trusts: A great way to pass down assets and reduce tax burdens.
- Corporations: The most common choice for limited liability and separate legal status.
How Clark Woods LLP Can Help You Get Started
Our Business Law Team specializes in helping Metro Vancouver entrepreneurs choose and establish the right structure for their needs. We’ll guide you through incorporation, compliance, and beyond. Let’s build your business on the right foundation.