Whether you are starting a physical brick and mortar business or a digital online business, it’s a good idea to do some research and get organized before you start. The more planning you do at the beginning, the easier it will be for you to manage your business as it begins to grow. Yes, we all know that plans can go sideways, but when they do you will know that your business is off track. You will have time to look and remedy the problems without causing too many financial pains. Finding all the information you need can be a bit of a hassle, as governments tend to spread this information into different departments by topic.
I personally recommend that every physical or digital business consults with a lawyer and an accountant during the setup of your new business. Professional advice will ensure that your business is properly registered and set up with the proper government bodies and reporting agencies. Do it right the first time and it will save you the stress and financial drain that these government bodies and agencies can and will inflict on you. Their point of view is that you are the business owner and as such are responsible even if you did not know. Not knowing will not save you! So get the facts. I have seen many businesses fail because they skipped this step and ended up in court with Revenue Canada or the IRS.
As a business owner, you are responsible to stay abreast of any legal or financial changes to the industry that your business is classified in. For example, retail, manufacturing, fishing, logging, hospitality etc.,
Follow the rules and the world will be your oyster.
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