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Entrepreneurship

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Entrepreneurship

On August 10, 2014, Posted by , In Entreprenurship, With Comments Off on Entrepreneurship

Its been a while, but as most of you know life in the summer is busy.

Now you have bought your business, now the fun begins!!!!

To incorporate or not, I only purchased the assets of the business so incorporating or not  was an early decision one that I chose to do and to do online.  I am not certain that is the most practical approach however it was the one I chose.  A few things to keep in mind when you register an incorporation online:  you do not benefit from the question and answers from an expert.  Now it is true information is always available on line but sometimes having a person to ask simplifies.  If I did it again I would certainly incorporate via a lawyer.  I found many areas of uncertainty.  As an example when you register a Canadian Corporation you automatically have an Ontario Corporation number, something they send you at a later date.

Now when you incorporate you should also register your payroll number and your HST number.  These days this is simplified, your business number, becomes your HST number and your payroll number only changing with the letters.  I find this much easier.

Watch out for my next blog where I will talk about the importance of paperwork, yes sales are your most important tool but your business will not succeed without the perfect paper trail, it is critical to your success.

 

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