What are the most popular small businesses in Canada?

Answer 1

From a legal perspective there 4 types of businesses:

1 Sole Proprietorship

2 Partnerships

3 Corporations

4 co-operatives

Sole Proprietorship:

This is the simplest way to set up a business. A sole proprietor is fully responsible for all debts and obligations related to his or her business. A creditor with a claim against a sole proprietor has a right against all of his or her assets, whether business or personal. This type of business comes under provincial jurisdiction.

Partnerships:

A partnership is an agreement in which two or more persons combine their resources in a business. In order to establish the terms of the business and to protect partners/shareholders in the event of disagreement or dissolution of the business, a partnership/shareholders agreement should be drawn up with the assistance of a lawyer. Partners share in the profits according to the terms of their agreement. In Canada there are two types of partnerships - general and limited partnerships

Corporations:

A corporation is a legal entity that is separate from its owners, the shareholders. No shareholder of a corporation is personally liable for the debts, obligations or acts of the corporation. This type of business can be incorporated at either the federal or provincial level.

A corporation is identified by the terms "Limited", "Ltd.", "Incorporated", "Inc.", "Corporation", or "Corp.". Whatever the term, it must appear with the corporate name on all documents, stationery, and so on, as it appears on the incorporation document. There are private corporations, public corporations and Federal Corporations.

Cooperatives:

A co-operative is a corporation organized and controlled by its members, who pool resources to provide themselves and their patrons with goods, services, or other benefits. A cooperative business structure provides:

• democratic control based on one member one vote;
• open and voluntary membership;
• patronage dividends.

As per Statistics Canada the largest business ownerships are sole proprietorships and Corporations.