LaunchListStep 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.
Name
Newfoundland and Labrador has no business name registry, so there is nowhere provincial to register or reserve a sole proprietorship's name. That also means nothing stops someone else using a similar name.
Before you commit, search the federal trademarks database and check that the domain name is free. Pick a name that is unique, easy to spell and easy to say.
Keep it practical
Choose a name you are comfortable seeing on a bank statement, a licence and a shipping label.