Types of Companies

There are essentially three different kinds or structures of companies for business owners or soon-to-be owners to consider.  Which one is chosen will affect how the company needs to operate and the implications involved from both a financial and legal perspective.  From our end, even the bookkeeping requirements will change to some extent.

The three kinds of companies are the proprietorship, the partnership and the corporation.

The proprietorship is the easiest to set up and operate as it is basically an extension of the owner.  Registration of the business is fairly straight forward although additional permits and considerations may be needed depending on the kind of business.  The owner is legally and personally liable for the entire operation to the extent that personal assets could be at risk if the business is successfully sued.  Up to a given revenue threshold it makes sense for the business to operate in this fashion when it comes to taxation and tax benefits.  From a bookkeeping standpoint, all that Revenue Canada requires is an annual Profit and Loss statement.  The bottom line from this report is tacked on to the personal tax return of the owner as either a profit or a loss.  The year end is always December 31.

A partnership is essentially the same as a proprietorship except that there is more than one owner.  The tasks within the business are usually divided up according to a formula as is the remuneration or income that each owner takes from the business.  Ownership percentage is usually based on the amount contributed or invested in the business.  Personal liability is often divided by this same percentage.  A Partnership Agreement should be considered a must to define what each partner is responsible for and to avoid misunderstandings.  This agreement should be put in place up front when everybody is on good terms and excited about the future.  The bookkeeping process is essentially the same as the proprietorship with the bottom line of the Profit and Loss statement getting divided up between the partners – generally in proportion to ownership unless an agreement is in place with a different formula.

The corporation is the third option.  In essence a new “individual” is created in the eyes of the law and Revenue Canada.  The owners are shareholders in the corporation and the operation of the corporation is defined and regulated by a Shareholder Agreement and overseen by directors.  This is similar to a Partnership Agreement.  The corporation is able to conduct business in its own name, undertake contracts and incur debt.  Although there is some degree of legal protection of the owners within the corporation, the law is holding its directors more and more accountable and liable for its operation and conduct.  The bookkeeping for a corporation is somewhat more comprehensive as Revenue Canada requires a Balance Sheet as well as a Profit and Loss statement at year end.  The year end is also variable and does not need to be December 31.

There is obviously a lot more to the setup and operation of these three types of business.  Hopefully this will give you some indication as to what is involved and guide you in the right direction.  It is always worthwhile to consult with a lawyer and an accountant to get full and proper advice based on your situation.  Hope this helps.

Best regards,




Meet Vaidehi, a dedicated and professional Bookkeeper since 2021, who proudly supports and assists her clients. Her efficiency and expertise shines through her seamless handling of her clients’ financial records including Accounts Receivable, Accounts Payable, Bank Reconciliation and client communication. Trust Vaidehi to provide the support and solutions you need. During her personal time, Vaidehi enjoys dancing, cooking and tending to her garden.


Bookkeeping Manager

Introducing Tinna, our resourceful and dynamic Bookkeeping Manager with over 12 years of hands-on experience. An expert in all aspects of accounting and finance operations, she handles preparation and maintenance of statutory accounting books, reconciling revenue and expenditure accounts, overseeing the preparation of monthly, quarterly, bi-annual and year-end financial statements, implementing stellar accounting systems and controls, budgeting and financial projections. Tinna’s solid background in managing both financial and non-financial assets, investigating and auditing accounts, makes her an asset to the Fiscal Performance team.


Executive Director

A true believer in the power of streamlined workflows and strategic financial planning, Duane is not just about balancing the books; he is also about balancing success with sustainability, innovation with tradition, and growth with groundedness. Bringing together a blend of expertise, experience, and enthusiasm, he is focused on improving systems to continue on providing a high level of customer service to all of Fiscal’s partners, customers and vendors. He invites you to join the Fiscal Performance network and learn how to solve your accounting and bookkeeping challenges today.


Client Service Manager

If you’re seeking a bookkeeper with a passion for precision, a friendly demeanor, and a love for the beautiful game of soccer, then look no further than Olusegun. With over 10 years of experience with auditing and financial analysis, Olusegun brings a unique blend of expertise and enthusiasm to the table. Known for his approachable demeanor and willingness to go the extra mile, he’s not just your typical accountant – he’s a trusted ally in your company’s full cycle financial management. So, if you’re in need of a bookkeeper (with auditing know-how) who gets the job done, valuing integrity and reliability as part of every job, Olusegun is your go-to guy!


Task Manager & Quality Control

Sam is a seasoned Bookkeeping Manager with over 14 years of experience. Proficient in book cleaning, reviews, HST report preparation, and finalizing accounts using QuickBooks, he holds a Bachelor’s degree in Law, and Master’s degree in Commerce. Sam is known for his dedication to meeting deadlines, his collaborative work ethic, and equal prioritization of family and work. A nature and pet lover, he finds solace in music.



Meet Alex, a highly esteemed member of our team, whose accounting expertise spans back to 2015. Holding a semi-qualified Chartered Accountant designation and a post-graduate in Accounting (achieved in 2018) Alex remains steadfast in catering to the needs of clients. Over the course of this distinguished career, Alex has cultivated invaluable proficiency with an array of esteemed accounting software. Renowned for unwavering punctuality, Alex consistently maintains a proactive approach, ensuring meticulous oversight of all deliverables.



Meet Eric, a distinguished professional with a Master of Commerce and a semi-qualified Chartered Accountant. He boasts three years of specialized experience in Canadian and US accounting, using software such as QuickBooks Online, QuickBooks Desktop, and Dext. Eric’s proficiency shines through his seamless handling of onboarding, migration, clean-up, and catch-up projects. Renowned for his tech-savvy approach, Eric leverages his expertise in advanced Excel macro building to empower clients — enhancing their productivity and efficiency. Trust Eric to deliver unparalleled financial solutions tailored to your specific needs, ensuring excellence every step of the way.



Jess is a dedicated Bookkeeper, with a Bachelor of Accounting, who is proud to assist her clients with bookkeeping support, since 2020. Jess is well-versed in a suite of software programs with a focus on QuickBooks Online. Her expertise extends beyond conventional bookkeeping, encompassing Accounts Receivable, Accounts Payable Management, Payroll processing, and adeptly managing the books as per client specifications and needs. She stands out for her swift file processing capabilities and streamlined financial processes at Fiscal Performance.


Task Manager

Meet David, Fiscal Performance’s Task Manager. A distinguished accounting & finance professional since 2014, David is adept in leadership roles. Known for his advanced skills in process implementation and continuous improvement, David works to ensure optimal outcomes for clients. With extensive experience spanning global markets including Canada, USA, UK, and Australia, he specializes in providing comprehensive CFO & bookkeeping services. Proficiency in a variety of accounting software enables him to tailor solutions to meet his clients’ needs effectively. David is detailed oriented and his ability to deal with conflicting priorities in high-pressure situations makes him an VIP at Fiscal Performance.



Introducing Chris, a Reviewer at Fiscal Performance and a seasoned professional in the accounting & finance industry. He boasts a career, starting in 2017, that includes executive roles to team leader positions. A post graduate in accounting, he is proficient in software such as QuickBooks Online and QuickBooks Desktop. Chris has honed his skills over the years, optimizing his bookkeeping processes by prioritizing accuracy and efficiency. Known for his dedication and meticulous approach, Chris consistently seeks out innovative solutions to streamline operations and deliver top-tier results. His commitment to excellence and his proactive attitude makes him an invaluable asset at Fiscal Performance.

Tracy Khamis

CPB, DFA – Bookkeeping Services Specialist™

Managing Director

Always wanting to learn and gain knowledge, Tracy has worked for multiple companies from various industries. Having the opportunity to work in varied industries from small companies to large organizations such as banks, accounting firms, schools, restaurants, construction, manufacturing and the arts has been extremely exciting. Each industry has different rules that apply, along with different government requirements. This experience has provided Tracy with extensive growth and understanding of bookkeeping, multiple software platforms, and in-depth financial report preparation. To know Tracy is to appreciate what she can do to put your books in order and keep them in a timely, relevant and professional manner.

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