Registering Your Business Name

When starting a new home-based business, one of the first things you need to do is decide on a business name, and then register that name. Don’t skip this step: registering a business name in your province or county at initial start-up can prove to be invaluable down the road for several reasons.
For example, registering a business name allows you to open a business account at the bank. A business bank account not only lends credibility to your venture, but also allows you to keep track of your small business transactions in a more professional manner.
Also, when you register a business name you find out if any other business is using that name. You don’t want to start doing business under a name that someone else has registered, because they can force you to discontinue using that name. This can be a stressful and expensive experience, especially if you have built up a client base or reputation under that business name.
The procedure for registering your business name needs to be done in accordance with the particular business structure you choose.
For example, if you are going to run your business as a sole proprietor (the simplest form of business structure), your Social Security number will serve as your tax number and any profits or losses from your business will be included as part of your personal income tax. But if you are going to have an LLC or incorporated business, the business name registration will be done in accordance with the LLC/incorporation requirements.

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