SP is the most common form of legal entity in Canada, also known as a sole proprietorship. It is an enterprise operated solely by one person, who owns both the ownership and operational rights. SP does not need to participate in the public market, nor does it require shareholders and directors, so it can be operated independently by one person. In addition, SP also does not need to designate a legal representative, appoint local residents as directors or company secretaries, greatly simplifying the registration process. The minimum registered capital is only 1 Canadian dollar, and there is no need for capital verification, making SP the preferred choice for entrepreneurs and small business owners.