1. Who Are you? Make sure you have established your business name should you choose to have one. In order to establish you should make sure you have completed a NUANS search. This can be done for both a Proprietorship or a Corporation. You should also have decided if you will be handled in just one province or all of Canada.
2. What Are you? Decide if you will be a Proprietor, Partnership, or a Corporation. Each of them requiring different annual filing and with different fiscal year ends. A Proprietor is very basic and the annual tax return can be handled through a T1. The fiscal year end is December 31, 2009. For a Corporation the annual tax return can be handled through a T2, and it has different ways of paying the shareholders. The fiscal year end for the first year in business can be 12 months or less. This is where you can be strategic in your year ends.
3. Where Are you? This is a good time to decide where you will be conducting business. Will it be home-based or will you be leasing space? There are different insurances that you should be aware of, and you should also be registering your business with the city.
4. Why Are you? Make sure you are very clear on the type of services you will be providing. Upgrading or developing different revenue streams is okay, as long as it is not continuous. This will not only confuse your customers, but also your Accountant (which means more work for them). Always remember why you started your business -- this will keep you focused!
If you are not sure just send me an email and I would be happy to explain these steps in greater detail!
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