Starting a business is an exciting adventure. There are, however, many things to do and think about beyond the type of business you wish to start. Paran & Associates Accounting Services can walk you through all aspects of starting your own business from deciding whether to incorporate or operate as a proprietorship to obtaining financing. We will help you perform all of the necessary tasks of starting, so you can focus on growing and making a go of your business.
Paran & Associates Accounting Services can advise you on the most appropriate way to structure your business to meet your income tax, accounting, and business requirements.
Sole Proprietorship, Partnership, Corporation, Joint Venture, Non-Profit Organization. Each type of entity is treated differently for tax purposes; therefore it’s advisable to engage a tax professional such as Paran & Associates Accounting Services to ensure you’re operating in the most effective structure. Which of these forms is right for your business depends on the type of business you run, how many owners it has, and its financial situation. No one choice suits every business.
We have the experience to provide sound advice and support for you as you work through the steps. Some of the tasks and considerations of starting your own business include:
- Decide whether to incorporate, operate as a proprietorship, or partnership
- Business plan development
- Determine the level of financing needed
- Applying for a loan or credit facility
- Find a lawyer
- Set up a Canada Revenue Agency business number
- Open a payroll account with CRA
- Set up in house bookkeeping and payroll methods
- Obtain insurance coverage
- Obtain a business license
- Decide whether you should take a salary or dividends
- Tax advice on your individual tax position
The list goes on...
- Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability should you need to relocate
- Select the right accounting software by evaluating your budget, needs and hardware
- Establish billing and collection procedures to maximize your cash flow
- Establish procedures to monitor and control costs
- Setup a home office so you can maximize your tax deductions
- Provide payroll and payroll tax filing when you bring on your first employee
- Comply with employment laws so you don't get hit with fines and unhappy employees
- Develop a solid Partnership Agreement. This is an extremely important document for all new partnerships and will help prevent financial and emotional problems down the road