Sole Proprietor or Corporation? Navigating Your Business Structure Options
Generally, a business may be structured and operated in a number of ways; three common ways are: a sole proprietorship, a partnership and a corporation. Professionals, such as doctors, dentists, accountants and lawyers may also be able to operate as a sole proprietorship, a partnership or through a corporation. A professional who chooses to operate through a corporation will generally have to set up a professional corporation, where the services provided are generally restricted to the practice of the profession.
Generally, a business may be structured and operated in a number of ways; three common ways are: a sole proprietorship, a partnership and a corporation. Professionals, such as doctors, dentists, accountants and lawyers may also be able to operate as a sole proprietorship, a partnership or through a corporation. A professional who chooses to operate through a corporation will generally have to set up a professional corporation, where the services provided are generally restricted to the practice of the profession.
RBC Dominion Securities
March 17, 2026
The features of each business structure are summarized in a handy table below.
This article may contain strategies, not all of which will apply to your particular financial circumstances. The information in this article is not intended to provide legal, tax or insurance advice. To ensure that your own circumstances have been properly considered and that action is taken based on the latest information available, you should obtain professional advice from a qualified tax, legal and/or insurance advisor before acting on any of the information in this article.