Are you thinking of starting a business? 

Begin by asking yourself the following questions:

  • What do I enjoy doing?
  • What kind of business would I like to own?
  • Is there a market for my product or service?
  • How will I operate my business?
    • In person?
    • E-commerce?
  • What type of business entity should I have (sole proprietor, corporation, partnership, or joint venture)?
    • Can I operate as a sole proprietor?
    • Should I incorporate?
      • Should I incorporate federally or provincially?
      • What would I like to name my corporation?
        • an automatically-generated numbered name or a name of my choice?
      • What kind of shares should my corporation issue?
      • To whom should I issue shares? (How many “owners” will there be?)
      • Who will be the directors and officers?
      • With which bank will I open my business bank accounts?
      • What will my fiscal year-end be?
      • Who will be my corporate accountant?
      • Should I have a shareholder agreement?
    • Should I enter into a partnership agreement?
    • Should I enter into a joint venture agreement?
      • This may be applicable if your goal is to develop a specific project with another party, as opposed to a long-term business.
  • Should I register a business/trade name with which to operate and advertise my business?
    • This is required for sole proprietors who plan to use a name other than their own name and for corporations that plan to use a name other than their legal corporation name.