If you have been thinking of being your own boss and starting your own business (or maybe you already are your own boss), the most important decision you will have to make is choosing the type of business structure that is right for your business. The most common types of business structures in Saskatchewan are: (i) sole proprietorships, (ii) partnerships and (iii) corporations.
When choosing a business structure, it is important to weigh the legal and tax options of each one and determine which best fits your business. The structure you choose will affect not only initial start up costs, but also the amount of taxes you will pay, your exposure to personal liability, the ability to borrow money and raise capital and the distribution of the business profits.
This section outlines the general considerations you should have in mind when deciding which structure works best for you and your business.
Profile: Micheal G. Wright
Michael J.G. Wright is a partner in the Saskatoon office of Miller Thomson LLP and practices corporate/commercial, securities, banking and commercial lending, and construction law. Michael also routinely acts for international companies doing business in Saskatchewan.
Prior to joining Miller Thomson in 2015, Michael practiced corporate/commercial and securities law in Calgary for 9 years. While in Calgary, Michael did a secondment at the Alberta Securities Commission and was one of the lead lawyers involved in the negotiation and implementation of MI 62-104 Take-Over Bids and Issuer Bids.
Michael is a sessional lecturer at the University Of Saskatchewan College Of Law and coaches the Davies Ward Corporate/Securities moot team. Michael is a member of the University of Saskatchewan Biomedical Research Ethics Board that reviews all research proposals involving human and biomedical research projects at the University of Saskatchewan. Michael is also the vice-chair of the CBA North Securities Group and is in charge of organizing speakers and presentations to the group
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The information contained herein is for general business information purposes only and does not replace the need for independent advice. It is recognized that each business has its own unique needs, and readers are strongly encouraged to seek separate independent advice.
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