Registration & Incorporation
Registration & Incorporation
If you have decided to take the leap in starting your own business, you will have to determine what business structure or form of organization suits your needs. The structure of your business depends on whether you want to run your business yourself or with a partner or associates and if you plan to have employees. There are three types of business structures: Sole Proprietorship, Partnerships, and Corporations and Cooperatives.
What’s the difference between Proprietorship, Partnerships, and Corporations?
To help you better understand the differences between the three types of business structures, we have listed the advantages and disadvantages of each segment.
Once you’ve finalized the type of firm you want to establish, to open up a new business in Ontario, you may need to do the following:
- Check for availability of the proposed business name
- Register the business name
- Apply for an HST number (former GST number)
- Apply for a Payroll Account (if you plan to have employees)
- Apply for an Import/Export Account (if you plan to trade with other countries)
- Apply for WSIB Account (this is mandatory if you plan to have employees)
Vertax Accountants can assist you through each step. Our professional accountants can provide you expert consultancy and handle all the requirements in setting up the following:
- Register / renew master business license for sole proprietors
- Register number / named Ontario corporation
- Register number / named federal corporation
- Register / renew master business license for a numbered corporation
If you’re heading towards complete incorporation, apart from helping you through the process, we will also provide you with full incorporation kit and help you select a fiscal year-end or calendar year-end and when to incorporate.
During the course of the incorporation, we will help you understand what will happen to your current business losses and future profits and determine what business assets and goodwill should be transferred to the corporation. We will work towards your success by facilitating management decisions and setting up your company books, records and government filings.
Business Plans and Budgeting
Do you need help with developing a business plan for your new start-up?
Vertax can help create a business plan with thorough research of historical industry data of the same business class. Our professionals will identify an appropriate benchmark in the relevant industry as comparative of the estimates and assumptions for the projected financial statements. We will also define the appropriate marketing strategy for the start-up and the relevant manpower needed to carry out the operations.
We know that scaling your company is all about finding out what you envision for the future and developing the strategies to make it happen. We can help you with business planning and strategy, expansion assistance, and transaction planning. We also offer entrepreneur guidance and profit analysis and provide support for operational improvement.
Software & Internal Control Consultancy
Our team is knowledgeable in various accounting software and will help you select the appropriate software that fits your business and reporting needs. We will help you set up the software and provide hands-on training to your users for transaction processing and posting.
We can help you streamline your processes in a way that your internal controls can maximize the efficiency and effectiveness of their operations.