Step 1 of 12
Choose your structure and business name
Decide how the business is set up and what it is called.
- Time
- 1–2 hours
- Cost
- Free
Structure
Start as a sole proprietorship. It is the cheapest and simplest option, and you can incorporate later if the business grows.
The trade-off is that you are personally liable for the business. Creditors can take your personal assets to pay business debts. Insurance (step 6) is how you manage that risk.
If you are unsure, the Service New Brunswick Corporate Registry points to the government's Business Structures Wizard to help you choose.
Name
- If you trade under just your own legal name (for example "Jane Smith"), you do not have to register a name.
- If you use any other name, for example "Jane's Gift Shop", you must register it in the next step.
Pick a name that is unique, easy to spell and easy to say. Registering it needs a paid name search report, so settle on the name before you order one.
Keep it practical
Choose a name you are comfortable seeing on a bank statement, a licence and a shipping label.