Can a sole proprietorship company own other companies if they really have the money?

Answer 1

You can own as many companies as you desire.... The "sole proprietor" title simply shows that you own it yourself and not with anyone one else. You, yourself, are liable for it.

Answer 2

You can own as many BUSINESSES as you want.

You can register as many sole proprietorships as you want.

You can have a percentage of ownership in other sole proprietorships. (The percentage of ownership is also your assumed risk/liabilty in the sole proprietorship.)

A Sole Proprietorship does not offer you personal protection should any of your businesses have financial difficulties, i.e., you can be held personally/financially liable which includes all property, monies in your name or shared with a spouse.

When using the word companies, it implies that you are an incorporated company thus creating a legal entity unto itself. They file their own income taxes, have their own year end, pay their own income tax, have their own business insurance, bank account.

Incorporated companies can use the word Company, Limited, Inc., Incorporated, Ltd. Ltee., Co. Ltd., in their name whereas sole proprietorships cannot use any form of company in their names. There are two types of incorporation in Canada: Federal and Provincial. All e-based businesses require Federal incorporation as it has the potential of earning income outside of the province in which the business is physically located/registered.

If you have any further questions, I'd be pleased to help