Me and my friend were working as software engineers for 18 months and now we were thinking of starting our own firm and we searched a couple of websites online to know the procedures needed to be done for registering a new business. We want to set it up in our hometown- Ontario rather than going to a distant place. We would really appreciate it if anybody could help us with having previous experience with registering business online. Could somebody help us?
Registering new business
- Thread starter robert earl
- Start date
Are you going to incorporate or going to form a partnership?
If you’re going to incorporate, will that be a federal incorporation or provincial?
If it’s in Ontario, you’ll more than likely need to get a Master Business licence thru Service Ontario, good for five years
You have to think of the pros & cons for a partnership or corporation
Some jump into a corporation without realizing the expense and obligations with filing a Corp T2 return every year , versus filing a partnership return , and your T2125 with your personal income tax
You split the profits /losses dependant upon your partnership agreement
BC4life
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Are you living in Ontario? The process of incorporating is relatively and you should be able to do it by yourself. Follow the process at https://www.ontario.ca/page/incorporating-business-corporation ; you will start with a Nuans search to confirm that your proposed name is available
If you need any help feel free to PM me, I run an accounting firm and have previously helped clients set up their own corporation here.
The master business license referred by copingwithlife is for sole proprietorships only I believe. It is accurate that running a corporation is more onerous than having a sole proprietorship or a partnership. With the sole proprietorship there is just an extra form on your personal tax return to declare your revenues and expenses, and you are taxed on the profit together with your other personal income.
If you need any help feel free to PM me, I run an accounting firm and have previously helped clients set up their own corporation here.
The master business license referred by copingwithlife is for sole proprietorships only I believe. It is accurate that running a corporation is more onerous than having a sole proprietorship or a partnership. With the sole proprietorship there is just an extra form on your personal tax return to declare your revenues and expenses, and you are taxed on the profit together with your other personal income.
Yes, however owners of corps sometimes feel they have no liability,that’s incorrect. GST & payroll remittances are trust funds ,that are due to the federal government, and owners of corps can be held personally responsible in remitting them aka directors liability
Hi Copingwithlife. I am 75 years old Canadian Citizen. Recently my daughter got License from Govt of India for educational support service to students for study in abroad. She has appointed me as a Director. We have been approved as Student Recruitment Partners by ApplyBoard, Kitchener. I shall be grateful if you kindly advise as to whether we should form a Partnership firm between me and my daughter living in India. I am looking after the business and are expecting some commission from ApplyBoard Kitchener. Kindly advise and help me as to who we can registered a partnership firm. in Ontario and the procedure if possible. With deepest regards.
Good to know. I meant mostly dealing with private institutions, banks when dealing with debt for expansion etc.