At the beginning of a new year, many people re-evaluate their goals and gauge where they’re at in their lives.
For some, starting a new business may be something they’re planning to pursue this year. Sharlane Bailey, Owner of Canwest Accounting, has met with a few people recently who are exploring launching their own business.
“Once you have a business idea and have done a name search, it’s a good idea to meet with an accountant,” says Bailey. “It’s important to discuss whether the company should be a sole proprietorship or incorporated before you start operating.”
One factor in deciding how to structure the business is the issue of liability. Registering the company as a corporation can offer more protection to the business owner if they were to be found liable for a serious problem, such as a fire or flood.
Other considerations the accountants at Canwest Accounting advise on include registering for GST and PST, payroll set-up, and recordkeeping.
“We can recommend bookkeeping and accounting software that will help clients to be compliant with government regulations and we can help clients with submitting important tax forms on time,” says Bailey.
Canwest’s accountants also advise setting up a separate bank account and credit card for the business, and if it makes more sense to become incorporated, then you should also speak with a lawyer. Where start-up capital is concerned, grants for specific types of business enterprises and for those entrepreneurs under the age of 30 may be available. Canwest’s experts can also go over financing options with you.
The following are a few informative websites to explore if you’re planning to start a new business this year:
- Registering Your Business in BC
- Mobile Business Licence program for companies operating across several jurisdictions
- Business Planning resources for small businesses
- Loans, Grants and Funding for businesses
A key piece of advice Bailey offers all budding entrepreneurs is to “be aware of what’s already out there. Who is your competition and what would make your business different from theirs?”
For more information about how to go about starting your own business, contact Canwest Accounting at their offices in Victoria and the West Shore (Langford).
The suggestions and advice provided by Canwest Accounting should not be relied upon in place of professional advice. You are responsible for checking the accuracy of relevant facts and opinions provided.