Most common forms of business in Canada are sole proprietorship,partnership and corporation.
There are other forms of ownership available too such as Limited partnership, cooperatives and societies but the most common forms are the three highlighted above.
One thing to keep in mind is not to get confused with types of business, such as retail, service, etc. Most types of businesses can have any form of business ownership.
With the form of ownership of the business comes the liabilities and responsibilities. Cost wise, it is cheaper to form a sole proprietorship or partnership, but your personal liability is higher. Fornming a corporation is costly but your personal liability is limited.
But, keep in mind, the form of business ownership you choose will affect many aspects of your business operation, from attracting potential clients through filing taxes, so it's important to choose wisely. You may want to take a professional advice to help you decide, unless you are absolutely certain about the ownership of the business you want.
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