Legal Considerations When Starting a Home-Based Business in Ontario
Starting a home-based business can be an exciting and rewarding venture, whether as a primary or secondary income source, but it is important to be aware of some of the legal considerations and requirements that may be involved ahead of time. This article provides a brief overview of some key legal issues to consider when starting a home-based business in Ontario.
What is a Contract?
A brief overview of the four essential elements of contracts: offer, acceptance, consideration, and intention.
Going from a Sole Proprietorship to a Corporation
Transitioning from a sole proprietorship to a corporation in Ontario involves two pivotal stages: establishing a corporation and transferring business assets. First, you need to build your corporation, which entails defining its name, share structure, and undertaking key post-incorporation tasks. Then, you transfer your business assets, which can be complex due to tax and legal implications. However, with expert advice, assets can be moved on a tax-deferred basis to your new corporation. Due to its complexity, it's recommended to seek professional advice when undertaking this transformative process for your business.
Understanding the New Small Business Tax Subclass and Its Impact on Commercial Property Taxes in the City of Ottawa
The creation of a new Small Business Tax Subclass was approved by the City of Ottawa in October of 2021. The new policy will result in a dramatic change in property taxation for commercial properties in the Ottawa area – a region that encompasses the communities of Gloucester, Nepean, Vanier, Kanata, and Orleans, among others.
Choosing a Business Entity: A Brief Overview for Small Businesses in Ontario
One of the early choices that a small business owner needs to make is about the type of business entity best suited for them. Sole proprietorships, partnerships, and corporations all have their own advantages and disadvantages, and it is important to understand what those are when making your decision. This post provides an overview of the main types of business entities available to small businesses in Ontario.
Salary or Dividend?: How to Choose the Best Method for Paying Yourself as the Owner of a Private Corporation
Owners of small private corporations need to decide what is the best way to pay themselves out of the corporation: through salaries or via dividends. The choice between employment income and investment income comes down to the interests and objectives of the individual.
