Each business structure has pros and cons including ease of set up, tax implications, and maintenance costs. Before deciding on a structure for your business, consult a lawyer or professional to determine the best one for your needs.
Protecting Intellectual Property
Intellectual property (IP) refers to intangible assets like patents, inventions, brands, designs, processes, technologies or software, to name a few.
Protecting your IP rights may be important because it can give your business a competitive edge, especially in a crowded marketplace.
Take some time to learn about how to collect, report, and remit taxes.
You will likely need to register for your goods and services tax (GST) and harmonized sales tax (HST) number from the Canada Revenue Agency. This may also be required if you're setting up a corporation, in order to register employee payroll deductions, make job offers, and set up employee deductions.