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W H! . WA] l ltl Ht it "RUNICU‘. 'Wediiesdav l-ebruary it), com Al IENTION GOLFERS° @ 'N‘R°°"<'"°‘"““<'" mm" s - Options for small . Midfi'yOoNdubhd-signodthfi-Chymgdhnwholkom m .9! playcvoriuydcmaavgnmnm.mflbcpannuingwim . . W"°°'""'“‘”°'“‘“‘"”""“"°"°'°"°’“"°“ " busmess owner Shlp MulWWMMyMgouI-kao. ‘ . -F ‘ Your membership includes the opportunity to ploy o variety of great Courses i at prelermd mambo! votes Your Membership Benelits include 9 9 _ _ 9 9 . the GM," ,0 pic, 9,, me, so of m mos, popuyc, Igei asked this question a lot a should I incorporation is the other form of busty i com“, n me he” 0,00 goumwemm ammo Incorporate or register my business as a ness structure that you may want to consid- l and the GTA ,7 i. ‘ sole proprietorship? er, but it comes at a cost i Mr?" - Save up to 50% or more on green loos ’ if ‘ You have basically three choices on how The government registration tee alone is l - Discounls on merchandise a ' 9 to set up your business in Ontario, a sole $1560 til you register with the province of l ‘ pguprietorship. general partner _'Â¥_h_9799i9_k1 Ontario), or $2.50 plus an annu» _ 9 . 5 ip or inco oration. ‘ al filin fee (i '()u register with ! sPe‘mI Introductory 9M°Mb°r5MP deals are "9‘” available. Here meme basic differences ‘ [I S \( )l J R the fediral govirnment). ‘, '-‘ ' " ‘1' " ‘ ‘ and advantages to each BUQIVFSS 3 The filing procedure is not ; ‘, iwwarkii-ygolfclubxa- .. r: 3-' Sole proprietorship is the ‘ A .. ~ as straightforward as a sole l simplest and least costly form of , 7., M _ proprietorship. so you are best -, ,9 .9 business set up, i < ’2 advised to have a lawyer file the 9 ‘8'.Wtj9 ‘ ‘5' if: A general partnership is just ‘ j i incorporation papers for your ‘ x ‘ \ . \ f: like a sole proprietmship, but ‘ ‘ That can cost an additional 99 “e“ a 1R " 5‘," instead of one individual there i 9 3 $500 to a $1,000 for lawyer fees. 1 2 ‘ l ‘ ‘ ,. r‘, are two or more registered as ‘ ‘ So, if you incorporate you _ \ o H ~' “gamm- M~’~V'>-”»~"' W" owners ofthe business, ‘9 ' will have a higher level of per- - ‘c \ , i ‘- ‘ = is“: 9: 99: a: Essentially you Land your i i sonal protection. but it will cost c“e i :fiéfi‘g " :9" if 39, partners if you decide to set up a you significantly more to set up 9 i, V 9,9 , ’ “ ,3": partnership) are tied directly to W ROY 9 as acorporationi 9 a 9 ‘7‘ ‘ the busmess fromalegal and tax ~ i fhe fee to register a sole ~ '92? I 9. perspective. , WEBER proprietorship or partnership ‘ N 392‘ ’ ‘ .2 What that means is you get to "W ‘ ’ ”' " is only $60, and it can be done 9‘ i " n9 5 §# , l , keep all the profit for yourself ~ claiming it online at the province of Ontario Website ' '2 v 11%" 9 as self-employment income on your per- wwwserviceontarioica, or at any of the ' ‘ §I 9 9 9 fifth ‘ ' 9 9_ _ 9 sonal tax return. Small Business Centres in the region, :9 {53'- 99 .1; ’3'" '.' 1,9 ‘11“ You also get all the liability. if there is any. “is gives you a business license to oper- ' L ,1 3;} : 9 _ an . 9 . f 9 at; Liability in the form of a shortâ€"term operat- ate anywhere in the province of Ontario for , ‘> w“: it ‘ .9 9., s, i- t 3 9 31!, ‘ :79 Eng loss is not so bad. You can claim busi» a period of five years, , ”defies! " is. " 1?“ P4 '3; ’9 ;_. [791‘ ness losses on your tax return. reducing Now you have a better idea ofthe various ' ‘ ’-" w v v "4-» if ( J g " . 13”" our net taxable in om o tions for settin u our business ,9 Rm .. 011mm ,. I 99,9: ‘1 y 9 c e. p _ 98 px - 99 * «as; ,9 ' , -. 9 9 . d 9 -- «“4535; ., ,7 '3‘ a :» You wouldnt want to see a loss year after If you still cant dectde whether to go the 2 9 A: 39;; 9 99 Ill Ml! on 9 9 x 9i .« ’99: _ year. but in the mug] start up year or two it sole proprietor route or form a corporation _§;’«.9’f9‘,f.;_§§1 .9 97" - / ~; can give you some tax advantages. However, to operate your business. e-mail me at 8 $331 139'}? .. ’- ‘ I \~. ' 5 watch out for other forms of liability. royweberfii‘waterlooca. and 1 can help clan» «3‘9; __ u 9, £94399 9 ‘ , ' .29 9 9 ., _ 9 " Depending on the nature of your busiv fy this issue in more detail for you, 9‘ {aux-£7 ,.".~,95~3‘i"- axmafiéfif."nÂ¥ ;;..::__.__ $.93 milk 9_9 _ 3;:sréyitzj19i‘may haw a pottmiall) higher risk it “s ‘ " h . ‘ “ ’ 4 O 4 Even with proper liability insurance to :3” ‘ \f: y b. \,, , / Famflg Day Camp protect you against being sued your insur Roy Heberisun (ult‘isnr with rho l W . 9 , . ,7 9 ante may not t‘oiiipletely cover you in the li'th/rmfirnull Business ( mine if ”mt! ‘ : ‘ ‘ L "5““ -9 . 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