Tips of Registering a Business in Ontario
Running a business is one of the best things to do.This helps one to create employment for himself and the rest of the other people surrounding him.But before one can operate the business he has to register the business.Registration provides the legal existence of the business thus one will not have conflict with those in authority.The number of business in a given location can be known by registration of the business.The registration of the business will also help the government to detect those business that do not submit their taxes.To register the business ,there a number of tips that can help you.
Any registration cannot be done before a name is selected.There are various form of the business that do exist.These forms of the business are the sole proprietorship, partnership and corporation.In case you want to take fully charge of the business one will consider to go for the sole proprietorship.In situations where wants to share the management with two or more persons one should consider the partnership form of business.The corporation will also need that the business be different from the owners of the business thus must have enough capital.
The name you have selected must be checked to determine if the name exist with the authority in charge of registration. It is important during the selection of the name to choose a name that will be appealing to the customers.A good name will attract more sales which in effect will translate to more profits.The name selected should be unique and easy to be remembered by customers.
Obtaining the unique name is event that precedes incorporationThe registration is regarded complete if the form is duly filled and delivered to the government department.Once you application is approved you are issued with certificate to start the business.The certificate serves to the form of the business and the location of the business.It is important to note that during the registration you have to indicate the physical location of your business.The contacts and the address are also key since they be used to make communication between you and the concern parties.
Application for the taxation accounts is also one of the tips are important.The taxation accounts that the payroll, import and export accounts.The payroll accounts cater for the employees that work for the business.Incase the business is going trade between countries the import and export accounts will be helpful for tax purposes.
The determination of the expected cost for the registration of the business will the other tip.The different forms of the businesses charge different amounts to register.Before one can register it is good to determine if you are capable of meeting the cost.