Are you ready to start a business? Know what you want and understand what’s involved, including personal sacrifices. Are you willing to devote long hours to your endeavor?

Business Organization

Decide on the form of organization: Partnership, Proprietorship or Corporation

Legal Matters

Lawyer to be consulted regarding form of organization

Other legal issues ie. Contracts, shareholder agreements etc.

Accountant

Consult an accountant regarding a detailed business plan-it’s imperative!

Establish reporting requirements

Establish a fiscal period

Establish a reporting system

Financing Matters

Open a business bank account

What funding sources will fuel your business?

Meet with bankers to secure a line of credit and other required facilities

Agreements regarding leases of real property, vehicles and equipment

Registration and Regulatory Considerations

Business Name

Goods and Services Tax

Provincial Sales Tax

Employers:

Source Deductions

Workplace Safety and Insurance

Municipal - Business Licenses

Zoning and Bylaw Regulations

Building Permits

Fire and Liquor Regulations

Various Federal and Provincial Regulations

Licensing requirements in regulated industries

Food and Drug Act

Insurance Considerations

Consult with broker regarding business, personal disability, and group health benefit requirements