Business Name Registration - Sole Proprietorship
To register the business name of a sole proprietorship, partnership or trade name for a corporation or to check the availability of a corporate name, please contact the Consumer, Corporate & Financial Services Division of the Department of Justice and Public Safety. To view business names on Prince Edward Island ONLY you may search the Corporate Registry Database.
What is Sole Proprietorship?
The simplest form of business organization is a proprietorship in which one person performs all the functions that are required for the successful operation of a business. The proprietor secures the capital, hires any employees, establishes and operates the business, assumes all the risks, accepts all profits or losses and pays all taxes. The proprietor is said to be self-employed. Liability arising out of business activity is borne entirely by the proprietor. All assets, whether business or personal can be legally taken and used to discharge the liability.
A sole proprietorship can be operated under the individual's name without the need for registration.
The registration cost is $90.
A business name should be registered before it is used, and stationery, signs, advertising, etc. should not be purchased until after the business name has been registered. The reason for this is that the business name selected may not be available for registration by the Consumer, Corporate & Financial Services Division due to the prior registration of the same or similar business name.
A person wishing to register a sole proprietorship is required to have the Consumer, Corporate & Financial Services Division conduct a computerized name search of the proposed name prior to registration. The fee is $40.
Often a person starting in business for the first time will operate as a sole proprietorship because there are fewer costs involved in organizing. Later if the business proves to be successful, the sole proprietor can incorporate a company and have the business carried on by a corporation. When a sole proprietor discontinues business, the business name can be removed from the business names data base maintained in the Consumer, Corporate & Financial Services Division of the Department of Justice and Public Safety. Removal of the name can be accomplished only by the registered owner of the business name. The cost of registering a Dissolution of Sole Proprietorship is $15.
A business name registration is valid for three years from the date of registration. At that time the registration will expire and a renewal of registration must be completed by the sole proprietor or the business name will be removed. The fee to renew a Sole Proprietorship is $75.
A notification of the registration or dissolution of a business name is published in the Royal Gazette. All cheques are to be made payable to the Minister of Finance PEI.
Application forms are available at your nearest Access PEI site and on the resources section of this page.
Who can I contact for more information?