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You’ve Just Incorporated Your Business – So Now What?

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This is the 2nd post of a 4-part business startup series created by Anand Athiviraham, Senior Associate at Watson Goepel LLP, a multi-service law firm based in downtown Vancouver BC, with additional offices in Surrey and West Vancouver. See the first installment of this series: Incorporating your business: Record books and why using a lawyer makes sense.

In this blog post, I outline the important next steps to consider once you’ve established your new incorporated entity. Please note, the following general information applies only to businesses located in the Province of British Columbia, as legal requirements in other jurisdictions may vary.

Register for GST/PST

Once your business is newly incorporated, be sure to ask your accountant whether you should register for GST and PST. Upon incorporation, the Canada Revenue Agency (“CRA”) will send your new business number to the registered office so that you can access CRA services, including the ability to file for corporate tax returns and register for GST and payroll accounts, if necessary.

Typically, you are required to collect GST if the total amount of all revenues (before expenses) from your worldwide taxable supplies is more than $30,000 in any single calendar quarter, and in the last four consecutive calendar quarters.

You may also be required to register for PST depending on the type of business you operate; see Register to Collect PST – Province of British Columbia (gov.bc.ca) for further information.

Choose a Financial Year-End

You should talk to your accountant about setting the appropriate fiscal year-end for your new business. This decision will have an impact on when your corporate tax return is due. Strategically choosing your year-end date can provide significant operational and tax advantages.

While most businesses opt for December 31, to align with the calendar year, it may be advantageous to choose an off-peak date based on other considerations such as data collection timeframes, declaration of dividends, or bonuses and tax deferral opportunities. (Once a year-end is set, special permission from CRA is required to change it, and is typically granted only in exceptional circumstances.)

Open a Bank Account

One of the first things you’ll want to do after incorporation is open a new business bank account. Unlike a sole proprietorship, all income and expenses for your business must be segregated and separate from your personal accounts.

If you incorporated through a lawyer, be sure to ask for a “banking package” that should provide you with the necessary corporate documents required by banks to set up an account. If there are multiple directors or shareholders in your company, your bank may require their identification and particulars before approving the bank account application.

Register your Business Name

Once you have completed the incorporation process, it is important to register your business name. You may find that you end up with a name that is slightly different from what you originally intended. For example, a café may decide to incorporate as a numbered company to take advantage of shareholder liability protection (amongst other reasons to incorporate), but the business signage may have a different name such as “Small Street Café” while operating with the general public.

If the name that you decide to use differs from the corporation’s full legal name, it should be registered as a “doing business as” (DBA) name with the government’s corporate registry. This will ensure members of the public who interact with your business are aware of the legal entity that exists behind the name they are seeing on the signage.

If you conduct business without registering your business name or using your corporation’s legal name, you may be in violation of the corporate legislation and potentially lose the liability protection that registering your business provides to you.

Business License

Most municipalities require businesses that operate within their jurisdiction to register for a business license. While not part of provincial statutes, business licenses may be a legal requirement in your jurisdiction, especially if you operate a storefront or other physical location. It is prudent to inquire with your municipality to confirm the legal requirements for business licenses and obtain one if necessary.

Contracts

When starting your business, you are likely interacting with customers and suppliers. It is important to have proper agreements in place that set out in clear, concise, and enforceable terms the nature of the relationship, the term of the agreement, payment and pricing details, as well as termination provisions in case either party wants out. Without the legal documentation in place, your business may be at risk for unanticipated costs and liabilities with little or no legal recourse for you.

If you are in business with one or more individuals, it is very important to put a comprehensive shareholders’ agreement into place which will govern the relationship between business owners. Without one, you may risk deadlock and uncertainty at a time where it is least expected. Please take a moment to review my article entitled “Essential Agreements for your Business” for further guidance on this topic, including the value of employment and independent contractor agreements to protect your business.

Private Services Health Plan (PHSP)

As your company grows and your income increases, you may want to consider setting up a Private Health Services Plan (PHSP), an often-overlooked option for small businesses.

A PHSP provides directors, employees, and their respective spouses the ability to get reimbursed for certain medical expenses that they may incur during the course of their engagement with the company.

Mostly smaller businesses that are owned by a few close friends, family members, or business associates may find the prospect of obtaining group insurance benefits prohibitively expensive, or may not be able to obtain such insurance. With a PHSP, there are no premiums due; the business only pays from its own funds if a claim is submitted.

As the business funds the entire cost of the PHSP health and dental plan, it may claim a corresponding 100% tax deduction. In essence, a PHSP lets you obtain comprehensive medical coverage of all routine health and dental expenses with few limits. Many third-party providers facilitate a seamless way to deal with the administrative paperwork required to maintain a PHSP, at a minimal cost.

Annual Maintenance

While many business owners tend to believe the legal formalities are complete once they have incorporated and assembled or received a copy of their corporate record book, as explained in the article “Incorporating your business: Record books and why using a lawyer makes sense”, this is not the case.

In order to legally maintain your corporation in good standing, you will need to attend to “annual maintenance” and otherwise comply with the ongoing requirements set out in the Business Corporations Act (British Columbia).

This process typically involves:

  • preparing and filing an annual report with the government corporate registry
  • passing an annual consent resolution or holding a meeting amongst shareholders to confirm the directors for the ensuing year, along with obtaining a unanimous waiver of the requirement to appoint auditors
  • preparing any additional directors’ resolutions for the declaration of dividends
  • updating the corporation’s transparency registry (a new requirement as of November 2020)
  • ensuring the corporate tax returns have been filed

In addition, if the corporation operates in multiple jurisdictions and has offices or places of business outside of British Columbia, additional filings may be required. Most law firms that offer incorporation services will also provide annual maintenance as part of their registered and records office services.

Clients who opt-out of such services run the risk of losing their corporation’s good standing status and having their corporate record book fall into a state of disarray, which will likely cost more to fix than if it was properly maintained from the start.

Conclusion

In summary, there are several important considerations for new business owners after incorporation, many of which have been covered in this article. The best way to start on the right foot on your entrepreneurial journey is to seek advice from your team of trusted professional advisors.

You may also benefit by joining a local small business organization or chamber of commerce which can provide support as you learn more about how to best run your new business.

Next month’s article will discuss options for raising capital and the pros and cons of each.

Anand Athiviraham is a Senior Associate in the Business Law Group at Watson Goepel LLP and understands the unique needs of startups and entrepreneurs, having established and managed his own e-commerce company for several years.

Surrey604 is an online magazine and media outlet based in Surrey, BC. Through writing, video, photography, and social media, we secure an intimate reach to the public. We promote local events and causes.

Business

How Businesses Are Prioritizing Appointments As They Open Their Doors Again

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Restaurants and retail stores have finally reopened their doors after months of closure. As they reopened, shoppers have lined up and flocked to stores in record numbers, even amid recent Covid-19 surges.

The reopening has been a welcome occurrence for many, not least because of the 24,000 jobs recovered in Surrey. However, while consumers are eager to support their favourite clothing brands, small businesses, and other non-essential businesses, owners and management have had to strike a fine balance between maximizing customer footfall and prioritizing customer safety in-store.

Getting the balance right between generating income and deciding which clients get the first appointments can be a tricky decision. Thankfully, each business is adopting its own ways of prioritizing appointments and maintaining great customer service at the same time.

Dental And Medical Institutions Turn To AI And Scheduling Software

Based on safety guidelines from the Royal College of Dental Surgeons of Ontario, dentists are relying on a prioritization scheduling approach for patients. The organization recommends physical spacing between appointments to allow for appropriate sanitization measures between patient visits, along with pre-appointment screenings.

Dental practices are also encouraging patients to practice good dental care at home, and take note of the signs of gum inflammation early on to avoid more severe consequences, such as periodontal disease, which can occur if gingivitis develops and is left untreated.

Patients with urgent dental concerns like a severe dental infection are being referred to emergency dental clinics or earmarked for emergency clinic hours. Dental practice management software like ACE Dental and DentiCon are also being used to schedule and track appointments.

Scheduling software such as these also offers useful scheduling hacks like the ability to group patients as family members – and possibly group their appointments to minimize the spread of infections.

Other dental practices are using AI to prioritize urgent patient appointments, similar to the UK’s NHS approach to working through the patient backlog. Booking and patient interaction software like Dr. Doctor relies on predictive algorithms to help hospitals and dental care surgeries prioritize appointments by urgency instead of seeing patients on a first come first served basis.

Patients are given a patient questionnaire to complete, and graded using a colour-coded charting system. These and other dental booking software systems help to reduce the administrative burden on clinicians, which leaves them with more time to focus on patient care.

Pre-Booked Appointments And Outdoor Dining Feature Heavily For Restaurants

Due to a recent surge in cases across British Columbia, restaurants are closed to indoor dining until April 19, 2021. However, takeaways and outdoor dining are still permitted. Most restaurants have taken their appointment booking and takeaway services online, allowing customers to make reservations based on table availability, or pick up their meals to go.

The use of online appointment scheduling software such as Zoho Bookings and Yocale are popular amongst food establishments to keep track of bookings.

Currently, no more than six people are allowed to sit together when booking a restaurant reservation in order to maintain social distancing, according to reopening guidelines by Work Safe British Columbia. Therefore, larger parties are either being spilt into separate dining reservations (if outdoor space permits) or offered an alternative date.

Retailers Continue To Rely On Crowd Control, Navigation Signs, And Queues

Other retail stores have also implemented crowd control techniques instead of an appointment system. Retail stores in malls are now limiting the number of shoppers in-store at any one time, and have implemented navigation signs for customers to help with the flow of traffic in-store and outdoors.

Doormen and security staff are a common feature, as they maintain the number of shoppers in-store and regulate the flow of traffic in a bid to prioritize social distancing.

Stores are also incorporating an omni-channel approach as a way to stagger in-store traffic. Caposhie in South Granville has continued to keep a focus on online operations to balance demand.

Owner Adelle Reynaud said, “We sort of spent our time kind of building the back end up, and hopefully through this our online sales will grow and we’ll kind of figure out new and improved ways to figure that out.” Other retailers have embraced the use of the click and collect model, and are encouraging customers to use their virtual services where possible.

Jewellers like Tiffany’s in Vancouver now allow consumers to book their virtual appointments online, or book a time slot for in-store consultations. Golden Tree Jewellers in Surrey has done the same, providing a dedicated contact number for appointment bookings.

As business resumes, companies are having to find new and innovative ways to balance their profitability and customer safety. Deciding how to prioritize appointments is a crucial part of that.

The basis of prioritization and appointment models differ greatly according to businesses, but one thing that remains consistent is that businesses in BC are finding ways to rise to the challenge.

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Business

New Device Repair Service On Wheels Launches In Surrey, Bringing Residents Contactless, Convenient And Professional Repairs Right To Their Doorstep

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Mobile Klinik goes mobile: Innovative smartphone and tablet repair service on wheels is now available in more than 100 cities and towns across Canada

Mobile Klinik waiving $29.99 convenience fee to support Canadians with safe contactless customer repair support amid Covid-19

Today Mobile Klinik, Canada’s leading chain of professional smartphone and tablet repair stores, launched Onsite Repair Units, the first van service of its kind to offer consumers and businesses nationwide the convenience of professional smartphone and tablet repair at the location of their choice.

With more Canadians working and learning from home and physical distancing protocols in place, it is more important than ever for their devices to be working without issue, and now residents and businesses in more than 100 communities nationwide can conveniently access Mobile Klinik’s Onsite Repair Unit service.

“The launch of Mobile Klinik’s Onsite Repair service is our latest initiative to make smartphone and tablet repair a more accessible, cost effective, and convenient option for Canadian consumers,” said Tim McGuire, CEO of Mobile Klinik.

“Because we are spending so much time learning, working, and seeking entertainment at home, having reliable smartphones and tablets is paramount. We are proud to bring our services right to our customers’ doorsteps – at no extra charge – so they can resume using their device, often in less than an hour.”

As a leader in professional smartphone and tablet repair, Mobile Klinik is committed to providing Canadians with flexible and affordable options to keep their devices for longer, servicing common issues like cracked screens, broken cameras, software updates, and battery replacements using high quality parts and state of the art diagnostics – right from inside the Mobile Klinik service van, outside their homes or place of work.

To further support Canadians throughout the Covid-19 pandemic, for a limited time, Mobile Klinik is waiving the $29.99 Onsite Repair Unit convenience fee.

Customers in the following communities can book today either online or by phone to have a Mobile Klinik technician arrive at the location of their choice and service their repair in 60 minutes or less.

British Columbia

  • Vancouver
  • Surrey
  • Richmond
  • Burnaby
  • Delta
  • North Vancouver
  • West Vancouver
  • Coquitlam
  • Pitt Meadows
  • Maple Ridge
  • Langley
  • White Rock
  • New Westminster

Alberta

  • Calgary
  • Chestermere
  • Airdrie
  • Edmonton
  • St. Albert
  • Spruce Grove
  • Beaumont
  • Leduc

Manitoba

  • Winnipeg
  • Selkirk

Ontario

  • Toronto
  • Mississauga
  • Brampton
  • Oakville
  • Milton
  • Caledon
  • Ottawa
  • Nepean

Quebec

  • Gatineau
  • Montreal
  • Pointe-Claire
  • Kirkland
  • Salaberry-de-Valleyfield
  • Laval
  • Longueuil
  • Quebec City
  • Levis
  • Saint Jean Sur Richelieu

To find out if Mobile Klinik’s new Onsite Repair service is available in your community or for more information, visit us:

About Mobile Klinik

Mobile Klinik is Canada’s leader in professional smartphone and tablet repair, refurbishment and resale with more than 90 convenient locations from coast to coast, Onsite Repair Units in over 100 markets across Canada and an online store.

We are committed to providing Canadian consumers and businesses with flexible and affordable options to repair, buy, sell, protect and connect their wireless devices.

For more information about Mobile Klinik, please visit our website and follow us on Twitter and Instagram.

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Attention Entrepreneurs: This Could Be The Ideal Time To Start That Business

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Every business has been impacted in one way or another by the COVID-19 pandemic. In many cases, this has led to layoffs, reduced hours, and other major changes for workers. While the economy is struggling to bounce back, entrepreneurs have a unique opportunity to push their business dreams forward.

There is more talent accessible on the market than ever before, and you’re not constrained by geographic location. It’s easier to be nimble and succeed with a small team (even just yourself) than it used to be. And if you need a small business loan to get your company up and running, interest rates are expected to remain low for several years.

Many of the world’s most successful companies were started in the midst of a financial crisis. It all comes down to whether or not you can provide consumers with something they need or want. If you decide to start your business in the near future, however, you’ll need to ensure that you manage your capital well so that you can stay in a strong position for long-term success.

Surrey604 is here with some ideas. From conducting a market evaluation to saving up a healthy financial cushion, here are a few key practices for stretching your startup capital in the early stages of your entrepreneurship:

Evaluating the Market

Assuming you already have an idea of what type of product or service you want to offer, you will need to do a thorough market evaluation to ensure there is demand for it.

How big is the market? What are potential competitors offering and how is your product different? What are the price points like?

Writing a Business Plan

Once you’ve assessed the market, you’ll need to create a business plan. Much can be said on this subject, but to keep it short: Your business plan should contain all the information pertinent to the launch and growth of your company over the next five to 10 years.

Some examples of what you need to include are your mission statement, a description of products or services, financial projections, the kind of staff needed, and your marketing strategies.

Outsourcing Time-Consuming Tasks

It might seem counter-intuitive, but hiring people can be a cost-effective method of growing your business. Think about it: If you try to do everything yourself all the time, everything will take longer to get done. And chances are they won’t be done properly and you’ll get burned out in no time.

Consider any tasks or roles that will distract you from your vision as the business owner, and start looking for qualified workers to fill them. For example, you can easily hire professional accounting, legal, and branding services through freelance job platforms.

Using Financial Management Tools

A lot goes into managing finances when you’re a business owner. It’s easy to get overwhelmed keeping track of your taxes, expenses, payments, invoicing, and other factors.

Fortunately, there is a slew of software tools on the market (e.g., Freshbooks, Xero, QuickBooks, etc.) that can simplify this process. Use them.

Saving Up

Just like with personal finances, saving up a contingency fund for your business can provide you with security and peace of mind. You never know what is going to happen tomorrow — or even today! — and having money saved up can help you avoid significant financial hardships or the loss of your business.

Start setting aside money each week, and try to put away at least six months of expenses. If you’ve been thinking about opening a business, why wait?

There are many reasons why now is a great time, and if you prepare beforehand, you can take advantage of the moment and establish a stable foundation for long-lasting success.

Along with considering the tips above, keep researching to see what others steps you can take to build a healthy, thriving business from the ground up!

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Business

Things You Need To Know About Disputes, And Arbitration As A Consumer Post Covid-19

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As said in my previous article, (#2021 Plus-1-Post Covid- 19) Arbitration is a private process, whereby disputants resolve their disputes out of the courts. The process is run by the Arbitrator who is an expert in disputes, but at the same time influenced by the participants. In this setting both sides have a better deal as compared to litigations, which can take years and sometimes months.

Moveon Consulting and Arbitrations is your solution, if you make that call today. As compared to the judicial process whereby you have no control, in Arbitration you can exert some control of the process. Yet some people who consider litigation spend more money, time, and energy.

Why does this happen? Why are some people not aware of alternative dispute resolutions? Well there are so many reasons which I will discuss below, but one thing Covid-19 Pandemic has thought us is, nothing is permanent, and we are all living an a kind of asylum, filled with lots of unknown. You can only find it if you seek and request. So let us dig into it.

“Questions wake people up. They prompt new ideas. They show people new places, new ways of doing things. Michael Marquardt”

Why does it happen that most people consider litigation of which Arbitrators such as Moveon Consulting and Arbitrations can resolve their disputes?

  1. People know very little about Arbitration in our communities.
  2. Some people think the only way to resolve a dispute is through litigation in Courts.
  3. People don’t even know where to find Arbitrators in our communities.
  4. Even though as a profession it’s been around for decades people are still not aware that Arbitrators deliver awards which are legally binding in our Courts.
  5. Most consumers are not researching on better options before resolving disputes.
  6. The pandemic has created uncertainties in our community, and people are tired mentally to research legal options available at their finger tips.

Make sure you take that lip, and use Alternative Dispute Resolution experts to resolve your legal disputes such as Moveon Consulting and Arbitrations MoveOn Consulting and Arbitrations – Home Page or ADR Institute of British Columbia Experts . Anyone can open a file or start a dispute by  contacting us.

Post Covid-19, people will become more sophisticated, and if some are not aware, most of our economy will depend on distance and online activities. If not true more than ever homebound working, has become the norm for some workers and at the same time, distance or online dispute resolutions.

Thus placing local business like Moveon Consulting and Arbitrations as a go to place for resolving your legal conflicts and disputes.

If there is another lesson that this Covid-19 pandemic has shown us, is that, some of our institutions and systems are not equipped to handle rapid changes like, what most people are experiencing now. The pandemic has taken a huge tool on our livelihood, jobs, education, mental health, health, you name it….

Therefore, it is vital for consumers and systems to adaptable and the internet provides the opportunity for Arbitrations like Moveon Consulting to handle cases from a distance, more flexibly and efficiently to complement our traditional judicial process, which now is saturated with cases, and backlogs of hearings.

A picture of a traffic court in the 1920, in the USA, which brought the judges to you, something you can expect from Moveon Consulting and Arbitrations. You get the best at the comfort of your own space or meaning the Arbitrators come to you. Won’t it be great, if you receive a timely, efficient, quality, and affordable Award for your case or dispute, Post Covid-19 from the comfort of your home or online?

MoveOn Consulting and Arbitrations is committed to offering individuals, families, businesses, and organizations, alternatives to dispute resolution. You can resolve disputes out of the courts, stress free and liberating manner at Moveon Consulting and Arbitrations.

What type of cases does Moveon Consulting and Arbitrations, handle?

Consumer Contracts

dis 8 (1)

Business Disputes

family-dispute-image

Family Disputes

Renovation Disputes

Sales Disputes

Workplace/HR Disputes

Rental/Tenancy Disputes

IN ADDITION, Such as Small Business and Non-Profit Consulting Services. Book a Meeting today.

Now I will like to hear from you…
Call: 778-791-9117

Book your appointments

“The greatest distance between you, and your success, is what you don’t understand or know at the moment,
Felix K”

Have you ever thought of using an Arbitrator Post Covid-19?

As said before, one thing the Covid-19 Pandemic has showed us, is that we shouldn’t take things for granted? Anytime you acquire a new skill or information, your life gets better. It only gets better when you can become open, innovative, decisive, resilient, teachable, coachable, to acquire something which can make your life better.

Using Arbitrators, such as Moveon Consulting and Arbitrations, will only get you better legal results and the process is less stressful. Five% of my fees are donated to local charities, and non-profit organizations serving vulnerable children, youths, families, seniors, and persons with disabilities. Every time you use our services, you are giving back to the community.

Author: Felix Ngalla K,
BBA, MA, Q.Arb.
Lead Consultant and Founder

Email: felixk@moveonconsulting.ca

Website: www.moveonconsulting.ca

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Joseph Richard Group Announces The Launch of A Virtual Food Court – Canteen

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The Joseph Richard Group (JRG) made headlines with the announcement that the company would launch 100 ghost restaurants in a single day. Ranging in the style of cuisine, these restaurants included everything from Obey Poke to Sweet Tooth Desserts.

After a successful few years, JRG has decided to revitalize the brands for customer convenience with the launch of a single virtual location for all their cravings – Canteen.

Hungry customers can now order from all of their favourite virtual restaurants as a single order through the new virtual food court style restaurant, Canteen. Much like a mall food court, Canteen offers the ability to select multiple styles of cuisines and flavours, without having to visit various locations.

All items are purchased in a single order and delivered by one driver. The virtual food court will feature eight of the current JRG brands, including Master Chicken, STAK’D Sandwich Co., Obey Poke, and Sweet Tooth Desserts.

The new Canteen will also feature a new selection of JRG exclusive offerings, including the WTF Burger + Fries, a indulgent, cheesy pilot project from JRG Public Houses. The Canteen menu will vary based on the geographic location of each virtual kitchen and their unique capacity and resources to execute the dishes.

“As popular as our virtual restaurants have been, we realized that sometimes people, or an immediate family wants to order more than one type of cuisine. Rather than have our customers pay multiple delivery fees for food coming from various locations, we are bringing it all together with a food court inspired concept.” – Ryan Moreno, CEO and Co-Founder of JRG.

Canteen will be available across the Lower Mainland, serving customers in Surrey, Cloverdale, Langley, Maple Ridge, Abbotsford, Chilliwack, and Port Moody. Orders can be placed through Canteen on SkipTheDishes, DoorDash, or UberEats.

About The Joseph Richard Group

Joseph Richard Group (JRG) is a Canadian based collection of unique hospitality ventures owned by André “Joseph” Bourque and Ryan “Richard” Moreno.

The JRG team operates 25 establishments, constantly fine-tuning and elevating the dining experience for their guests. With top-quality offerings, an exceptional culinary team, and a genuinely kind-hearted service team, you can always expect the best!

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