pg 38

Question 1

This legal structur e is simple and inexpensive. It simply requires an individual to register their
business name at a provincial level.

Answer 1

Sole Proprietorship

Question 2

Owned by _______ who has sole responsibility for decision making, receives profits,
directly impacted by any financial loss or major expense

Answer 2

one person

Question 3

Must register for HST if annual sales __________

Answer 3

> $30,000

Question 4

Principal __________ have a separate legal status from the business – he/she pays personal
taxes on all revenue from the business and assumes all risk related to the business
(personal property and assets at risk)

Answer 4

doesn’t

Question 5

If a registered business name is to be used, then you will need to set up a _____________

Answer 5

separate bank

account