As an individual, registering a business name is not obligatory – you can opt to conduct business using your personal name. However, there are advantages to incorporating your business. Business names serve marketing purposes and enable you to accept and make payments through your bank under a business name. Moreover, incorporation provides personal asset protection from legal liability.

Primarily, it comes down to preference. Federal incorporation offers heightened business name protection and broader business conduct rights. Opting for federal incorporation is advisable if you intend to operate across multiple provinces or wish to register your provincial corporation in other provinces.

The primary advantage of incorporation is limited liability for shareholders. Legally, a corporation is considered a separate entity from its shareholders, shielding them from personal liability for corporate debts and obligations. In the event of a corporate failure, shareholders risk losing only the amount invested in shares. However, one drawback of incorporation is double taxation, where corporate income is taxed at both the corporate level and again at the shareholder level on dividends received.

No, shareholders are not required to be 18 or older. However, it’s important to exercise caution as laws concerning underage shareholders can be intricate. If you intend to designate someone under the age of 18 as a shareholder, careful consideration is advised.

Yes, a director can indeed hold any office within the corporation and can also possess shares of the company.