"We have this thing we like doing, we have this complementary skill set … let's see if we can turn this into a business."
John came to Canada 10 years ago on a working holiday visa to figure out what he was going to do with his life. Along the way, he and his business partner fell in love with home brewing. They had a vision for a community-focused craft brewing company that supports events and small businesses in Toronto’s East End. Futurpreneur’s business planning process opened their eyes to many questions they needed to answer to ensure they had a solid foundation for their launch.
Pros: One owner, one decision maker; easy to register; all profits go to you; some tax advantages.
Cons: Unlimited liability (you’re responsible for all debts of your business); income drawn from business taxed at personal income rates; can be difficult to raise capital on own; you’re the only one in charge – business survives and thrives with you.
Pros: Two owners means you can share responsibilities/tasks; partner can complement your skills; easy to register; start-up costs shared.
Cons: Unlimited liability; challenge with finding the right person to work with – it’s like a marriage; you can be held liable for all decisions made by a partner.
Pros: Limited liability; separate legal entity.
Cons: More regulated, requires additional reporting and record keeping; more expensive to set up.
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