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WWW-“My. October 11.2012- 17 l-____....__â€"_____â€"_-.___â€"____.' j m‘mg Currenrr:y\ mine-mm ; 0 , Converte million-sits , I ow o s c ure your usmess. mum- . ost of m clients come to me with a com. being sued. but in some cases. yourinsuranee may not | CQI‘ert'n Our 4“ Ann'VQn‘ | Y mon concern. There is much confusion as to completely cover you in the event 0“! ”Sh price court | octOb r 201 2 I how to stun a business in Ontario. and more settlement. | . | specifically. how to do it legally. You must decide fbr yourself if the nature of your | Thank YWNGI’OfoCIlflmt “Mm! | i recently had a client come to see me who was business is inherently ”01 M or "0L H i' is, you will looking to start an lndustri- want toconsider incorporating. = -MWM-MW°MWM-hmmm : al/re._sidt-ntiii(ij than“ changing ' | \ . 1 l . l ' ’ "$03?“ businesses are him riskbsoidon't agoilmnb I 355 Erb Street West,Waterloo (hem University andFlscherHaIiman) I sen/ice. an e wante to , i i .\ ca c Dose to Incorporate your us new 5 py on _ inowwhmspwm MN“ LL. memmimmpmmbm mmumwmmmmmnscm for setting up the business incorporation will limit your personal liability, but it . i told him he had three comesatacost.1he govemment registration fee alone , ~ “7 “ fi'if‘j‘fi‘fi “5 ~ Choices when setting up his is$360 (ifyou register with the province ofOntario). or ‘ l . at A» a! 1 9 business â€"â€" a sole proprietor $250 + an annual filing fee (if you ship, a general partnership or register with the Federal govern- as a corporation. ment). . like any business decision The fee to register a sole propri- a ' h l there are pros and cons to etorship or partnershipisonly $60. a 68 L e LTe To 7"! S 0 re l n 6 each option. ibis gives you a business license to A ~. N ; ~ L ~, a, Here are the basic differ- “A L Operate anywhere in the province - ' p i ’ ‘ L k . ences and advantages to each ' M Of Ontario for five years L _ . ' ,- ' , I” , - that I explained to him. W. ROY So now you have a better idea of a~ L“ - if a; . ‘ , sofa A A sole proprietorship is the WEBER youroptions for forming your busi- ’ g * f' , , v < . , " ”gs, simplest midieastcostiy form ness. The majority of first time ’ . _ L ‘ _, , 0 v, i of business. business owners start out as a sole J y; 7 .- i " ' " A general pannership is just like a sole proprietor PTOPTiClOfShiP. and if their bUSi- L " .. ’ ship. but instead of one individual there are two or Hess goes well. they restructure 4 v V“ ' ‘.L ‘t A i A , more registered owners ofthe business Essentially you With the assistance Of their i‘f,_;.;4,__:,_ 4L» , l L’l , ‘ ,. iif"L;;,-g'. (and your panners if you decide to set up a partner accountant into an incorporated tron-avg â€" «L- “ , w ‘_ ' ‘_ ~ A», . . 1 $3.5 y}; 5 ship) are the business. and the business isyou. enterprise. it if! x, w;- M “59:- tax. a in?” ‘Aizgga What that means is you get to keep all the profit for if you Still can't decide whether fa it» ‘ in - : _ ,..4 ' if" ”a t. e 3 "1&3; yourself, claiming it as self-employment income on mm up as a 50“? proprietorship or W , ,._.-5\ \\\w _~ E . , he; aim-f “Tutor" your personal tax return. partnership or incorporate, email H; “ , / , ‘i (flick-33) “if a“ We; You also can claim business expenses that are me 5“ mywepemterioaca and l 37." t z' , " “313,43 m3) 4?“ 31, A; , 3,1 ”3g, ‘wfr'w incurred. including those created when you operate 08" help clarify the 1mm f0r you. > t x “this, ' lib“ "ft . ‘ 4’Q*% “‘ $3. at ‘ out of your home, , "' ' ;Kggz‘wa a aft . « ._,, £32; fl - _. _ - st fl _ i if a xii,” at» . - J , n ,. 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