They provide detailed financial reporting, and can help in leveraging their networks for marketing, promotions, and sales opportunities.
In Canada, these would include: In Canada, the grant funding that you can access from different levels of government provides you with a huge advantage in the early stages of starting up your company, and as you grow your business.
It is also the most expensive business structure type to start and to keep going because of regular legal, accounting, and filing fees that you will incur when operating an incorporated company.
From the Business Development Bank of Canada: Incorporation is a process in which a separate legal entity, owned by its shareholders, is formed.
Because of the costs associated with operating a corporation, it is often recommended that you not incorporate until you are generating $50,000-$75,000 in revenues annually.
REGARDING BUSINESS NAMES: For all three business structure types, you will need to do a name search at the provincial level (and possibly the federal level if you decide to incorporate federally) if you intend to use a name other than your own for the business.
Only after you have conducted a name search and confirmed the availability of a business name will you be able to register that name.
As part of deciding on a business name, I would keep domain names, social media handles, and general searchability in mind.
Writing a business plan before setting out on any new venture will force you to think in detail about your business, its strengths, weaknesses, and objectives.
Writing a plan will help you to manage your business effectively from the beginning, and give you the best possible chance of success.