Setting up a business
We are start up experts, free consultations!
At Taxez Canada, we operate from Oakville & Mississauga to ensure that you are successful from the get-go. We understand entrepreneurs and work with them in making their dreams and vision a reality. Starting a business requires in-depth planning, registrations with provincial and federal ministries, making a business plan for banks and financing purposes.
The earliest required decision that a startup/entrepreneur makes is the way they want to structure there business. Should you work as a sole-proprietor. develop a partnership, or incorporate the business through a corporation? Each business has there own pros and cons, and each industry is different in strucurin
Sole Proprietorship or Partnership
Advantage: Low cost startup, minimum registration requirements, control over business, minimum working capital or investments, business losses can be claimed on personal tax return,
Disadvantage: Unlimited liability, high tax rates, financing the business is harder, investors don’t have confidence, control split with partner, partners legal agreements.
Advantage of incorporating: Limited liability, low tax rates, ownership is transferable, financing more accessible, capital gains exemptions.
Disadvantages of corporation: Start up and registration is more expensive, record keeping is tedious, shareholders agreement and conflict, high regulations.
We setup your business completely through registration of business name, acquiring business number with the Province of Ontario or through Industry Canada for Federal business registrations. Your business will be setup with Canada Revenue Agency for HST accounts, Payroll accounts, and Income Tax accounts. We also setup your accounting books, chart of accounts, setup your company’s financial process flow.
Budgeting, Forecast and Business Plans
We help setup business plans to acquire loans from banks and other parties. A through booklet is prepared with your financial plans, goals, targets and milestones laid out for the potential investors or financiers.
We help businesses create budgets and forecasts for better management. .