Makivik Magazine Issue 102

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Legal Tips
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retirement regime benefits such as the Quebec Pension Plan.
There may be complexities in terms of growing such a business,
since banks are reluctant to provide financing for sole
proprietorships. Also, the sole proprietor
pays income taxes at the
same rate as an individual, which
is a disadvantage compared to corporations.
Furthermore, all of a sole
proprietor’s assets may be seized,
including his or her own personal
property not used to run the business.
Therefore, the sole proprietor
bears all of the risks associated with
the operation of the business in the
event of liability.
Therefore, this type of structure
is adapted for businesses generating
a smaller income stream and
that do not have a high degree of
risk in its activities. However, businesses
that generate a significant
income stream or that require a
higher amount of capital, assets and equipment to operate
and that have a certain threshold of risk usually do not use
this type of structure.
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It is strongly recommended to have
a written partnership agreement
outlining the roles of each partner
and their share therein.
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BOB MESHER
Partnerships
A partnership involves more than one person creating a
business. Once business partners have decided to participate in
a common business, a partnership is created when they cooperate
in the operation of their business on the basis of their
share therein. They share their respective expertise, assets,
activities and financial profits and losses, in proportion to the
value of their share in the partnership. These are required to
have the existence of a partnership, and it is strongly recommended
to have a written partnership agreement outlining
the roles of each partner and their share therein.
A partnership has its own head office, business name and
must also be registered with the Quebec Enterprise Registry.
MAKIVIK mag a zine
37