Types of Business Registrations
SoleProprietorshipsSole proprietorships are the most common and
simple form of business structure.Under this type of business
structure, one person owns the assets of the business and is also
personally responsible for its liabilities.The owner can employ
others to help in operating the business, but the owner usually
manages the business himself or herself.There are fewformal legal
requirements to establish sole proprietorships, and they are much
cheaper to create than corporations.A Manitoba sole proprietorship
must have its registered business address located within the
Province of Manitoba. GeneralPartnershipsPartnerships are similar
to sole proprietorships in that the owners of the business
personally own all the assets of the partnership and are personally
responsible for the liabilities of the partnership.The basic
difference between a partnership and sole proprietorship is that a
partnership has more than one owner (referred to as a partner).The
partners can employ others to help in operating the business, but
they usually have a hand in the operation or management of the
business. There are fewformal legal requirements to establish
partnerships, and they are much cheaper to create than
corporations.A Manitoba partnership must have its registered
business address located within the Province of Manitoba.
TradeNamesTrade names are business name registrations for
corporations. Any corporation that identifies itself to the public
under a name other than its full corporate name must register that
name as a trade name (also known as a business name, operating
name, fictitious name, trade style, and dba "doing business as"
name). Both the trade name and the underlying corporate name must
be identified on all contracts and other legal documents. Trade
names are commonly used where a corporation operates using several
business names for different divisions of its business.
https://www.newbusinessnow.com/manitoba-business-registration.php
Limited Partnership
A Limited Partnership is composed of one or more general
partners and one or more limited partners. The general partners
manage the business and share fully in its profits and losses.
Limited partners share in the profits of the business, but their
losses are limited to the extent of their investment. Limited
partners are usually not involved in the day-to-day operations of
the business.
Limited Liability Partnership (LLP)
A Limited Liability Partnership (LLP) is similar to a General
Partnership except that normally a partner doesnt have personal
liability for the negligence of another partner. This business
structure is used most by professionals, such as accountants and
lawyers.
Limited Liability Limited Partnership (LLLP)
A Limited Liability Limited Partnership is a Limited Partnership
that chooses to become an LLLP by including a statement to that
effect in its certificate of limited partnership. This type of
business structure may shield general partners from liability for
obligations of the LLLP.
Corporation
A Corporation is a more complex business structure. A
corporation has certain rights, privileges, and liabilities beyond
those of an individual. Doing business as a corporation may yield
tax or financial benefits, but these can be offset by other
considerations, such as increased licensing fees or decreased
personal control. Corporations may be formed for profit or
nonprofit purposes.
Limited Liability Company (LLC)
A Limited Liability Company (LLC) is formed by 1 or more
individuals or entities through a special written agreement. The
agreement details the organization of the LLC, including provisions
for management, assignability of interests, and distribution of
profits and losses. LLCs are permitted to engage in any lawful,
for-profit business or activity other than banking or
insurance.
For further info., a good reference for these types of owner
ships would be the following web
pages:http://www.theglobeandmail.com/report-on-business/small-business/sb-money/business-funding/inc-or-ltd-which-sounds-better/article4258956/http://sbinfocanada.about.com/od/formsofbusinessownership/a/formbusinesshub.htmhttp://www.referenceforbusiness.com/encyclopedia/Oli-Per/Partnerships.html
Reserving a name In Manitoba
To register a business name or incorporate your first step is to
fill out a Name Reservation Form and file it with the province's
Company Office or you can submit it online at
(http://direct.gov.mb.ca/coohtml/html/internet/en/coo.html). The
fee for this process (as of April 2007) is $40.
The name you select must have a distinctive element (such as a
coined name, location, or personal name), a descriptive element
(such as the type of services offered) and if it will be a
corporation it must end with a legal element (such as Inc., Ltd. or
Corp.). For example, Zoobilee Pet Shop, where Zoobilee is a
distinctive, invented name and Pet Shop is the descriptive element,
would be a valid name as long as it was not objectionable.
http://www.canadaone.com/ezine/sept03/register_manitoba.html
http://www.companiesoffice.gov.mb.ca/forms.html
