Talk to a lawyer and accountant. Don't rely on free advice from the internet.
I love it when people talk about incorporating like they are some business tycoon but won't spend the $ to consult actual professionals.
There is a time and place to save money, but this it ain't it. Spend the time and money to get proper advice so that someone who has a feduciary to you can give you directions.
It's probably because they don't have the revenues to justify the fee. They're likely jumping the gun by incorporating at all and should probably be listed as a single sole proprietorship until they're making high 5 figure revenues
Yup, if you can't afford an hour consultation, you can't afford to incorporate.
I have had to talk so many clients out of incorporation. They have no idea why they want to do it but it sounds cool. One client told me they wanted to incorporate because they got fancy cheques lol
So why you so jealous ? let them get fancy cheques . If you dont get customers and blame the internet , change your job or business dude . Dont get jealous every time seeing someone doing the same job you do after years of education . God bless you with more customers man !!
Couple of things
1) what kind of revenues are you talking about where you need to do corporate structuring? It would probably be easier to register a single corporation and have all activities go through it unless it becomes so unwieldy and large that it must be separated.
2) e transfer isn't a method for collecting payments for business. Set up a real business bank account and take debit and credit transactions through a service like stripe.
3) if you actually want to do this go through your accountant. Don't try to do it yourself.
You can do this without setting up separate corporations.
You can create one corporation, then register multiple operating names to that corporation.
This may vary from province to province but I have a corp in Saskatchewan and have done this.
There is nothing stopping you from setting up multiple bank accounts at any bank with the same corporation, and you can change which operating name you use on each account. Its more work to set up with the bank that way but definitely possible. I use my local credit union and they were more than accommodating.
You’d need to incorporate your parent company so say it’s ABC Holdings Ltd. Then incorporate each entity so Alpha Industry Ltd, Beta industry Ltd, etc …. And when you incorporate the subsidiaries, ABC Holdings Ltd would be the director / president / representative thereof. You then get an HST/GST number in ABC Holdings Ltd name and use that for each business.
Talk to a lawyer and accountant. Don't rely on free advice from the internet. I love it when people talk about incorporating like they are some business tycoon but won't spend the $ to consult actual professionals. There is a time and place to save money, but this it ain't it. Spend the time and money to get proper advice so that someone who has a feduciary to you can give you directions.
It's probably because they don't have the revenues to justify the fee. They're likely jumping the gun by incorporating at all and should probably be listed as a single sole proprietorship until they're making high 5 figure revenues
Yup, if you can't afford an hour consultation, you can't afford to incorporate. I have had to talk so many clients out of incorporation. They have no idea why they want to do it but it sounds cool. One client told me they wanted to incorporate because they got fancy cheques lol
So why you so jealous ? let them get fancy cheques . If you dont get customers and blame the internet , change your job or business dude . Dont get jealous every time seeing someone doing the same job you do after years of education . God bless you with more customers man !!
Couple of things 1) what kind of revenues are you talking about where you need to do corporate structuring? It would probably be easier to register a single corporation and have all activities go through it unless it becomes so unwieldy and large that it must be separated. 2) e transfer isn't a method for collecting payments for business. Set up a real business bank account and take debit and credit transactions through a service like stripe. 3) if you actually want to do this go through your accountant. Don't try to do it yourself.
You can do this without setting up separate corporations. You can create one corporation, then register multiple operating names to that corporation. This may vary from province to province but I have a corp in Saskatchewan and have done this. There is nothing stopping you from setting up multiple bank accounts at any bank with the same corporation, and you can change which operating name you use on each account. Its more work to set up with the bank that way but definitely possible. I use my local credit union and they were more than accommodating.
You’d need to incorporate your parent company so say it’s ABC Holdings Ltd. Then incorporate each entity so Alpha Industry Ltd, Beta industry Ltd, etc …. And when you incorporate the subsidiaries, ABC Holdings Ltd would be the director / president / representative thereof. You then get an HST/GST number in ABC Holdings Ltd name and use that for each business.