What You Need to Know for Your Ontario Business Plan

Your business plan should be the foundation for your company’s success and include all the elements needed to grow the company over the short and long-term. But oftentimes business owners aren’t aware of all the rules and regulations in their area. This can leave them with significant challenges when they look to expand their company.

In this new post, we’ll explain what you should know about the rules and regulations when constructing a business plan in Ontario.

The Registration Process

When creating a business in Ontario, you’re required to register its name within 60 days of opening the business. However, if you use your own name for the company, you are exempt from the registration process. It’s important to speak with a consultant before making a decision about name registration. There are important implications aboutchoosing a name for your business and owners often attach their business to abusiness name which does reflect their business activity to their potentialcustomers. The chosen name also needs tobe easy to search and not confused with other business names.

Business Structure options

The three main business structures most widely used are:

Sole proprietorship

The benefit of sole proprietorship is that it simplifies many of the financial elements involved in running a business, including accounting, income tax requirements, and debts. You will be responsible for each of these elements as a sole proprietor.

Partnership

A partnership is similar to a sole proprietorship. The responsibility for the business is legally divided into two and any debt incurred by one partner is automatically incurred by the other.

Incorporation

Incorporation requires more detailed financial filings and entails the creation of an independent entity separate from the shareholders or owners. The owners are paid via shared profits or dividends. A corporation may issue shares to raise capital and there are income tax advantages at specific levels of net income.

Workplace Insurance

The Workplace Safety and Insurance Board (WSIB) protects employees against the financial costs of a workplace injury. It also protects employers against lawsuits by injured workers. Employers in Ontario are required to pay insurance for their staff to ensure optimal levels of coverage. Even if you have no employees you may be required to register. We can help you keep complaint with this and other governmentregulations.

Opportunity Group Can Help

By working with qualified business experts in Ontario, you can discover more about the rules and regulations that can impact and cost money to your business in the coming years. To learn more about the regulations, please call us today.