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?
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