Are you looking to start a business in Canada with a unique idea? Consider applying for a Master Business License, also known as Ontario Business Registration, to launch your company efficiently. This license is necessary for any business advertising on various platforms and allows owners to use a specific business name while enjoying additional benefits. The license also assists in registering sole proprietorships, general partnerships, or trade names under the Business Names Act.
What a master business license is?
A master business license is a document that contains personal information such as the name and address of your company, as well as its business number and a brief description of its operations. It also specifies the type of business structure, such as sole proprietorship, partnership, limited liability, or trade name.
What are the requirements to register for it?
The requirements for obtaining a master business license are straightforward. Anyone over the age of 18 can apply for a master business license, regardless of citizenship or residency status. However, for certain commercial activities such as those related to medicine, agriculture, or technology, you may also need a license from a relevant state or federal agency.
In order to register for a Master Business License, there are three types of business structures that require it: sole proprietorship, general partnership, and trade name.
This refers to a business structure owned by a single individual without any formal documentation to establish any other type of business structure. As a sole proprietor, the debts and liabilities of the business are entirely the responsibility of the owner, and business income is reported on their tax returns as self-employment income. In this structure, the legal name of the business is the same as the owner’s name, but a “doing business as” (DBA) name can be used, such as “Affordable Care System DBA” if desired.
Partnerships share many similarities with sole proprietorships in terms of tax structure. The partners have shared liability and their personal assets are not separate from the assets of the business. Partnerships can also use a DBA (doing business as) in addition to using the last names of the partners as the formal name of the company.
To register a trade name in Ontario, only an existing corporation that has been formed or purchased is eligible. The corporation should already have an Ontario business number. You can also use a creative and distinct brand for registering a trade name in Ontario. Your company may use another corporate trade name, giving you the freedom to manage other company names under the main corporate brand.
Registering for a master business license online is one of the most convenient and efficient ways to get started. To initiate the process, you need to have certain verified personal documents. Online registration is accessible round the clock, every day of the week. Furthermore, credit cards can be used to make payments.
A physical office center is the conventional way of registering for a master’s business license. You can seek assistance from consultants who will guide you through the documentation and the entire licensing process. The registration can be done in-person from Monday to Friday, between 8:30 am to 4:00 pm.
Another option for registration is in-person, where you can visit the nearest Service Ontario office with your documents and receive assistance with the registration process. This method is also simple and straightforward.
Finally, you can opt for mail registration to apply for a master’s business license. You need to complete all the required documents, package them, and mail them to the Service Ontario counter or Ministry of Government Services for processing. However, this option is slightly expensive, as you need to pay approximately $80.00, and it takes around 4-6 weeks to process.
There are several benefits to obtaining a master’s business license, which include:
- Registration for a period of five years
- The ability to brand and advertise your business
- Ease of opening a bank account, tax account, and other financial services
- Eligibility to apply for business grants.
- Ability to purchase products at wholesale or discounted prices.
Obtaining a master’s business license can be extremely beneficial for anyone looking to start their own business. Throughout this blog, we have covered the definition of a master’s business license, the eligibility criteria for obtaining one, and the business structures that require it. We have also explored the various methods available for registration and the advantages of obtaining this license.
Starting a business can be both exciting and challenging, but a master’s business license can provide additional advantages for entrepreneurs. Therefore, it is recommended to consider applying for one to unlock the benefits that come with it.