Business Information update means updating information in an unincorporated business. So,
What is an unincorporated Business?
An unincorporated business is a business structure that is not registered as a separate legal entity. This means that the business and its owner(s) are legally the same entity. In other words, the business does not have a distinct legal identity separate from its owners. In this Business structure, the owner(s) are personally responsible for all debts, liabilities, and obligations incurred by the business.
Common forms of unincorporated businesses include:
Sole Proprietorship: Owned and operated by one person.
Partnership: Owned by two or more individuals who share profits and liabilities.
Because unincorporated businesses do not have the same legal protections and tax benefits as incorporated businesses, they are typically simpler to establish but can carry more personal risk for the owners.
Business Information Update usually allows businesses to update their business details. There is some business information you can update. This business information update is only applicable for unincorporated Businesses (Master Business License, Sole Proprietorship, and Partnership).
You can make some specific Business Information updates to your Registered Business. Like-
Owner information: You can change the owner’s name and contact information Business official address: You also can change unincorporated business address or contact information (email, phone) Business activities: You can also change the types of goods or services offered. Tax information: Updates to the business’s tax status or filing requirements. Partnership changes: If applicable, you can change the partnership agreement, or can add or remove partners. Compliance updates: Information about new regulations or requirements the business must comply with.
Since unincorporated businesses (such as sole proprietorships and partnerships) don’t have a separate legal entity they
can not do the following business information update:
Legal structure: Unincorporated businesses cannot change their legal structure (e.g., from a sole proprietorship to a corporation) Business name: Business Name can not be changed once it is registered. To change your business name you must cancel your business name. Business Owner: Once you register your unincorporated Business you cannot change owner. To change owner you must cancel your unincorporated Business and register a new unincorporated Business.
This helps maintain accurate records and ensures compliance with provincial regulations. When you Register a business in Ontario whether it is an Ontario sole proprietorship, an Ontario partnership, or an Ontario trade name, you must keep your business registration or master business license in Ontario up to date. Any changes to your master business license Ontario, address, or owner’s name must be updated within a timeframe with the Ontario Business Registry.
