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Starting a small business – Frequently Asked Questions Q: I’m thinking about turning my hobby into a business. Do I have to form a corporation? A: No, you don’t have to form a corporation to start a business. There are four basic business structures: sole proprietorship, partnership, corporation and co-operative. Most businesses start as sole proprietors, and then progress to becoming a partnership or corporation later. Q: Are there any rules around how I name my business? A: The rules around naming your business differ from state to state. Generally speaking, you can name your business what you like as long as it’s not a name that’s already in use. A NUANS Corporate Name Search will tell you if what you’ve come up with is unique. The legal name of your business is required on all government forms and applications, including your application for employer tax IDs, licenses and permits. Once you’ve decided on it, you need to register it so that you can obtain a Business Number (BN) which is used for tax and payroll purposes. Find out more about the requirements for naming and registering your business here. Q: How do I check if someone else is using my preferred name? A: You need to find out if someone else is already using your proposed name (or a very similar name) to market similar products or services. A NUANS Corporate Name Search will tell you if what you’ve come up with is unique. Double-check by searching online and searching local business directories. If all these av...