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Things to consider when you start your business

on Mon, 12/24/2012 - 18:00

"Entrepreneurship and Small Business" series, #3 (#2 What you should do before you quit your full time; #1 What needs to be prepared before you start your business; #4 How to manage your business; #5 How to pay yourself effectively; #6 The advantage of a business account; #7 Business budget made easy; #8 Last minute tax saving for corporations; #9 The federal disaster to small businesses and working class)

You might have a great idea but running your own business is often more complex than you think. Let's say you found a couple of friends to start a business with you, the first thing you need to consider is whether to incorporate or consider a partnership of a venture between companies or just keep yourself as sole proprietor. Note that every set up will result different tax implications and liability issues.

One of the most important things will be name your company, you need to make sure no one else is using the name you desire to use, make sure you have it register with the government.
- name search
A NUANS corporate name search report is required by the federal and most provincial / territorial governments when granting new corporate names for use
- register
If your business structure is not very complex, you can have your business registered online yourself
Resolutions of the Directors Samples (pick and choose what you need)
CRA business registration online for tax purposes
 
After getting all the set up and tax related stuff in placed correctly, you need to make sure you keep track of all your numbers.
- Record keeping
this is very important part to your business as you don't want the CRA to audit you and find out you don't have your numbers right. Make sure you keep receipts and maintain a log book of business kilometres, if you use your car for business
- mark important tax dates, avoid penalties
do not file your tax late... plan ahead!!

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