Choose your structure and business name

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

• If you trade under just your own 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.

Nunavut doesn't require a formal name search, but check that no one nearby already uses a similar name.

Keep it practical

Choose a name you are comfortable seeing on a bank statement, a licence and a shipping label.