Starting a business can be exciting and nerve wracking, but once you have a business idea that you are ready to roll with, you can make the journey easier for yourself but understanding how Canada business registration works. Registering your business is one of the first steps in making your dreams of entrepreneurship reality, after all.

Here are several things you need to know about Canada business registration:

• Choose your business name first. If you are structuring your business as a sole proprietorship, you don’t necessarily need to choose a business name; you can operate under your own name. If your business is going to be a partnership or corporation, however, you will need to choose and register your business name before you register your business.

• There are three main business structures. In Canada, you can set up your business as a sole proprietorship, partnership, or corporation. A sole proprietorship refers to a business that is owned and operated by one person, while a partnership refers to a business that has two or more individuals who own the business. A corporation involves incorporation of a business in which a separate legal entity is formed and owned by shareholders.

• Canada business registration has benefits beyond satisfying legal requirements. When you register your business, it is recognized by federal and provincial governments, which helps to legitimize your business and build trust with customers. You also are able to apply for business loans, open business bank accounts, hire employees, and more.