Unlock the Power of Online Signature Legality for Business Partnership Agreements in Canada

How to eSign a document: online signature legality for Business partnership agreement in Canada

hello everybody and welcome back it's me again Eugene senior consultant from Canadian business and enterprise services gbes we continue our educational and informational series of videos about your business how to started how to develop it how to make it right how to make it the best way more efficient and most important how to protect what you do from future mistakes so one of the first questions that many of our clients ask is how to start the business which type of business legal entity to choose and what are the considerations so in Canada this choice is very simple there are actually only three ways that we can do business in Canada either through sole proprietorship or through a corporation or a partnership so today we'll stick very shortly about each of them their benefits that drawbacks and how to make a decision that will support your activities for the next foreseeable future so proprietorship is the simplest way to do business in Canada that's when a person does the business and the his or her name being the sole proprietor being the business it could be done under your personal name or under other name that you choose different provinces to have different roles for the registration of the names but this option exists sole proprietorship gives the opportunity to start a small business very fast very simple simple operations but has certain drawbacks one of the main drawbacks is that use a entrepreneur personally responsible for what you do how you do and you are being liable for your business activities technically what it means is that if your business doesn't grow well or if you do certain mistakes that cost damages your personal assets your house your car your pension plan your savings become guarantees for the payment of the lawsuits that have been issued to give you stew personally on the other side of the scale there is a corporation corporation is what is known as at legal entity and technically it's a new legal person that we create for the purpose of managing our business corporation is more complicated more expensive to keep not as much as many people think but still it's more complicated than sole proprietorship it gives the answer to any of the sole proprietorship drawbacks and mostly by protecting the entrepreneurs the investors from personal liability Zoar some of them that we'll talk down the road in our series from liabilities for the activities of the business so in many cases not all of them and not always the one who will be sued and the one who will have to pay for the damages mistakes or negligent activities would be the corporation not you personally not your house not your pension plan but please follow our series because I'll talk a lot about this huge mistake that many people do thinking that they are fully protected from liabilities it's not true the last form of doing business in Canada is partnership I personally don't like partnership I don't think anyone should even to think about partnership unless his or her professional organizations required to do business as a partnership like lawyers doctors accountants partnership is technically a combination of sole proprietors working together the benefits of partnerships are very limited they are specified and they're very unique for only certain types of activities the worst part of the partnership is usually it does not protect you from any liabilities or at least those for your own actions depending of the type of the partnership and it doesn't give to every sole proprietor of partner that participate in partnership any successful and significant benefits over the corporation so unless you really have to do through partnership I would suggest to start it as a corporation and move on as a corporation okay so thank you for being with us for this short and should as we go forward and as we move on with our videos I'll talk more about each of those types of business activities mostly sole proprietorship and incorporation I'll talk about how to make a right decision so which type is good for what type of business activities you plan to do so please subscribe to our channel express your opinion in the comment section below give us a like if you like what we say and follow follow up on our new videos we'll talk a lot who provide a lot more information and we'll do our best to answer all your questions in the comment section below