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Research your market
Consider your ownership structure
Choose a business name
Hire Professionals
Register Your Business
Consider municipal, provincial and federal business requirements
Understand employer responsibilities
Prepare a business plan
Arrange Financing
Network, network, network!
Deciding on a business structure that is right for you is an important decision for your business. The form of ownership you select will depend on what your future business plans are.
Unlimited personal liability
Fully responsible for the debts and obligations of their business
An agreement between two or more persons often protected by a partnership agreement.
Profits are shared according to their agreement
There are two types of partnership structures:
General Partnerships
Limited Partnership
One or more people can form a private corporation.
Personal liability of the owners/shareholders is limited.
You have decided your business ownership structure and you’re ready to open our business account – here is what is generally required:
For any business: Any person to sign on the account is required to bring two pieces of original identification, including one with photo
1. Sole Proprietors: If using a business name – business name registration
2. Partnerships: Partnership registration or partnership agreement
3. Corporations:
o Original articles of incorporation or certificate of incorporation
o Recent filing with incorporating jurisdiction listing your
o Trade name registration, if applicable
Whether you are starting a new business or running an established one, a good business plan helps set you on the road to financial success. By mapping out your goals and strategies, you’ll get a clearer picture of what your business really needs.
Business Profile: This introduction to your business plan provides important information about your company’s business structure, key principals, professional advisors, and financial history.
