I am looking into starting my own business (registered company with number). Could you guys provide me with the basic steps to register a company?
Many thanks
Many thanks
Starting my own business
- Thread starter ersa3
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http://bsa.cbsc.org/gol/bsa/site.nsf/en/index.htmlersa3 said:I am looking into starting my own business (registered company with number). Could you guys provide me with the basic steps to register a company?
Many thanks
http://sbinfocanada.about.com/od/startup/
http://www.bdc-canada.com/BDC/index.html
For starters
Google is ur friend
You can pay a lawyer a lot of money to fill out the incorporation forms or you can purchase cheaply pre-filled out forms in the copy store inside 393 University.
I believe they are located on the main floor, east corner
http://www.newbusinessnow.com/LAW/ontario.htm
.
I believe they are located on the main floor, east corner
http://www.newbusinessnow.com/LAW/ontario.htm
.
and a lot more money and a lot more headaches. I'd advise you to only incorporate a company/business if you're worried about liability issues.Damondean said:
basically an incorporated business has it's own identity and you would be an employee of that company. It would have to have it's own offices, address, bank accounts, cheques etc.
Also be aware that (at a minimum) you will have to get a GST number if you plan on earning more than $32K a year. If you're retailing goods or services that PST is applicable, you will have to get a PST number as well. For eg: labour to install an airconditioner is GST only, if you also sell them the airconditioner, you'll have to charge them PST and GST on the a/c unit.
Also be aware that you don't necessarily HAVE to register a business to earn income. It gets reported on your return as "self employed earnings".
Also be aware that if you are currently unemployed and are thinking of becoming self-employed, UIC will pay you up to $400.00 a week for a total of $13,200.00 to help you get started. But you can't apply for this if you've already started your business. You also have to have (10% I think) the ability to put in a percentage of that money. ie: via a line of credit, cash, etc.
Go to the UIS website for more info, it's under the self-employed link.
Also be aware that you will have to pay taxes on your earnings as well as cpp etc.
Me Too, I found out too late as well. Funny thing about UIC though, they're whacked when it comes to rules.twentynine said:
I worked for a large corporation for 17 years many moons ago. They laid me off so one of the suppliers hired me sub-contract for 3 months. After the 3 months I applied for UIC. I couldn't get it because my most recent employment was "self-employed". I said, so those 17 years that I paid 3K a year is going to someone else? Yep they said.
Same goes for this program: I'd say if you took a full-time job for 3 months, then re-started your business, I'd say you're probably ok.....
I want to thank all of you who have replied. This proves to me again that there are very resourceful, intelligent and nice people on this board. I am actually blown away by all the information you guys have provided. It would have taken me quite some time to find all this information and I would have more than likely have made 'no turning back' mistakes. I am sure it will be a 'learn as you go' experience, but these tips will most certainly allow me to have a great start.
You guys are amazing.
xx
You guys are amazing.
xx
