Switching from the Sole Proprietorship to an Incorporated company is easier than you think. You have a few options to add a legal ending to the business name: Inc., Incorporated, Ltd., Limited, Corp., Corporation:

  • Register an Ontario Numbered Corporation, then online you can register/connect a new corporation number to the sole proprietor Business Name Registration.
  • Register a new Ontario Corporation in the new name or the same name as your Business Name Registration then cancel the Business Name Registration.
  • Register a Federal Corporation in the new name or the same name as your Business Name Registration then cancel the Business Name Registration.

Before registering the incorporation a NUANS report is required. After the Incorporation has been completed you will need to change:

  • Bank account – incorporating puts your business in a new business category with most banks. A new bank account may be required Cheques / Credit Cards
  • Make sure to properly transfer bank, other licenses, assets, etc. into the new business.
  • Tax accounts – HST, Payroll, Corporate, WSIB, etc. will need to be set up or changed
  • Business cards, Letterhead, Signs, Invoices, Website and social media