Are you looking to incorporate? Make sure you know the basics before starting to operate or you may be held personally liable. The first step is creating a name; your business name identifies who you are to the public. Choosing your business name should not be an easy task, take your time and be creative. The name you chose is a valuable asset to the company. Your business name should describe the product or services you offer. You also want to make sure your name is distinct and easy for customers to remember. Once the company name is determined, you must make sure it is legally permitted. In order to successfully operate as a corporation in Ontario you must have a business name registered. You are in the clear only when you have received your Master Business License. This license proves that your business name is official. By registering your business name, you are confirming how you will be known to the public. If you are a numbered company, and wish to operate under a different name you must also register that chosen name. If you fail to identify yourself to the public by your registered name, there are consequences. Don’t think that by operating under different company names can get you off the hook. The Business Names Act ensures that all business contracts remain valid, no contracts are void simply because of a business name.
Don’t forget, you do not want to be confused with another company and be burdened with their business history. You want to create your own success and have people differentiate you with your competitors.