My Business Is Official....at least soon it will be
Before we get into what my business is, it's very important to look at the things that will help or affect my business very much. There are things that can get me into trouble legally if not done or performed incorrectly. Here are some things that you need to know about:
Register Your Business Name: it is exactly what it says; register your business name. There are a few rules for this. For example, if your business name is your legal name, then you won't have to register. When you register, you will have to pay about $60-$80, and it will last for five years until it expires. Also, make sure that your name is not already taken or else you'll get sued.
Taxes: Income Tax- this tax is taken from the money you make. It takes into account things like where your business is located, your supplies, employees, advertising, equipments, etc.
Goods and Service Tax- this is GST, something that has always been taken from all of the goods and services paid for. You should only register for GST if your business makes more than $30,000 a year.
Retail Sales Tax- this is also known as PST (which is 8% in Ontario).
Payroll Deductions: (this is only required if you have employees. This isn't as important as the others for my business project, so if you want more information about this, go to: http://www.sbe.gov.on.ca/ontcan/sbe/en/st_yrguide3_en.jsp#5
Business Records: You have to keep a book of records by law, and all of your income tax up until six years after you received it.
Licenses: you need these in order to have your business approved by the government. It includes things such as where you can build your business or the qualifications of your employees.
Zoning: (sorry, I'm not very clear with the difference between this and premises. If you do, please tell me.)
Insurance: this is what protects you from risks that can damage you or your business. There are many types of insurance out there, and so the best way to save money is to get it in a package. Some types of insurance are: Property, Disability , or General Liability insurance.
Renting or Buying Premises: this refers to the specific location of your business: like a spot in the mall, or a small place around the plaza, etc. If your business is particularly small or you're just starting out, you may want to rent instead of buy premises. However, you may need to sign a lease with the owner.
Business Communications: When you want your business to be very reliable, you must keep contact with your customers. You might want to think about getting things like a personal computer/laptop, softwares (the Microsoft Office is really good to have), internet, cell phones, fax, photocopier, scanner, and a document shredder. You should also built a website about your business. This will make it easier for customers to contact you or to view your general service/products.
Hiring Employees: You may not need employees at first, but if your business grows, it's important to get some help. When you hire employees, you need to consider things like: paying your employees regularly, keeping records of them, giving them a safe working environment, etc. Also, there are a few acts you must consider: Employment Standards Act, Pay Equality Act, Occupational Health and Safety Act, and Smoking in the Workplace Act.
All of these info are retrieved (and put into own words) from
<http://www.sbe.gov.on.ca/ontcan/sbe/en/st_yrguide3_en.jsp#5>.
If you want more information, you can visit this website.
Register Your Business Name: it is exactly what it says; register your business name. There are a few rules for this. For example, if your business name is your legal name, then you won't have to register. When you register, you will have to pay about $60-$80, and it will last for five years until it expires. Also, make sure that your name is not already taken or else you'll get sued.
Taxes: Income Tax- this tax is taken from the money you make. It takes into account things like where your business is located, your supplies, employees, advertising, equipments, etc.
Goods and Service Tax- this is GST, something that has always been taken from all of the goods and services paid for. You should only register for GST if your business makes more than $30,000 a year.
Retail Sales Tax- this is also known as PST (which is 8% in Ontario).
Payroll Deductions: (this is only required if you have employees. This isn't as important as the others for my business project, so if you want more information about this, go to: http://www.sbe.gov.on.ca/ontcan/sbe/en/st_yrguide3_en.jsp#5
Business Records: You have to keep a book of records by law, and all of your income tax up until six years after you received it.
Licenses: you need these in order to have your business approved by the government. It includes things such as where you can build your business or the qualifications of your employees.
Zoning: (sorry, I'm not very clear with the difference between this and premises. If you do, please tell me.)
Insurance: this is what protects you from risks that can damage you or your business. There are many types of insurance out there, and so the best way to save money is to get it in a package. Some types of insurance are: Property, Disability , or General Liability insurance.
Renting or Buying Premises: this refers to the specific location of your business: like a spot in the mall, or a small place around the plaza, etc. If your business is particularly small or you're just starting out, you may want to rent instead of buy premises. However, you may need to sign a lease with the owner.
Business Communications: When you want your business to be very reliable, you must keep contact with your customers. You might want to think about getting things like a personal computer/laptop, softwares (the Microsoft Office is really good to have), internet, cell phones, fax, photocopier, scanner, and a document shredder. You should also built a website about your business. This will make it easier for customers to contact you or to view your general service/products.
Hiring Employees: You may not need employees at first, but if your business grows, it's important to get some help. When you hire employees, you need to consider things like: paying your employees regularly, keeping records of them, giving them a safe working environment, etc. Also, there are a few acts you must consider: Employment Standards Act, Pay Equality Act, Occupational Health and Safety Act, and Smoking in the Workplace Act.
All of these info are retrieved (and put into own words) from
<http://www.sbe.gov.on.ca/ontcan/sbe/en/st_yrguide3_en.jsp#5>
If you want more information, you can visit this website.
posted by Miss Apple at 3:46 p.m.
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