So you want to start a business? Four questions that every start-up should ask

Posted on 1 November 2017 Back to News

So you want to start a business? Four questions that every start-up should ask

By: Jillian Brazda

Student-at-Law, HGR Graham Partners LLP


Are you or someone you know going into business for yourself/themselves?

You should be appropriately prepared before “opening your doors”.


Here are four questions that all new entrepreneurs should be able to answer:


  1. What business are you in?


Many people fail to properly identify and define their product and/or service, their marketplace, and their target market. Be sure to select a product and/or service which is needed, which has long term potential, and which will survive foreseeable changes in consumer taste and economic circumstances.


  1. What form of business structure will you use?


You may operate your business as a sole proprietor, as a partnership with one or more other individuals, or through a corporation. In a sole proprietorship, you receive all profits but are fully liable for all debts, losses and liabilities. A partnership is similar in its structure but involves the distribution of profits, losses and liabilities between the partners. A corporation is a separate legal entity in law and has numerous advantages including limited liability, perpetual existence, estate planning and tax benefits but, a corporation also brings with it added costs and regulations. The decision on how to structure your business should be made by consulting with the appropriate professionals.


  1. What initial registrations must you make?


If you plan to operate your business in a name other than your personal name then you must register the business name under Ontario’s Business Names Act.  If you are going to employ others, you will have to register with respect to Canada Pension Plan, Income Tax, Employment Insurance, Employer’s Health Tax, and Workplace Safety and Insurance Board. Depending on the nature of your business, you may also be required to register with Canada Revenue Agency with respect to Harmonized Sales Tax.


  1. Whose help do you need?


Starting a new business involves numerous decisions. It is important to start building a “team” of professionals who can help you navigate the process and make informed decisions. Among the individuals you may want to have as part of your team are:


AccountantAn accountant will assist you in setting up a business plan, preparing cash flow projections, setting up your books, training you or your staff in bookkeeping, preparing financial statements, and other tax and financial-related services.


Banker:  You should establish your relationship with your banker early and learn of the services available from your bank.  A banker will also assist you to establish lines of credit and specific loans, that may be needed, as your business grows.


Insurance AgentYour insurance advisor can assist you in determining your business insurance requirements, the best rates available, and the types of coverage specific to your business needs.


Lawyer:  Your lawyer can advise you with respect to the form of business structure most suited to your needs, preparation of contracts and agreements for your business, the applicable laws and regulations affecting the conduct of your industry and helping to solve problems as they arise.


Nowadays more and more people are embracing the entrepreneurial spirit. There is always room for a well-prepared business venture.


Link to Article:


**This article is not intended to provide legal advice. For more information please contact HGR Graham Partners LLP



Phone:  705.327.6656 ext. 317

Email Jillian

Go Back

"Expedient, personal, and pleasant to deal with"

"Good service, easy to work with"

"Extremely happy with the service provided"

"Your service was excellent and very efficient"

"Top notch service. No improvement necessary"

"Good service, friendly approach"

"They’re efficient and do a great job"


See what we have been up to

Non-Resident Speculation Tax (All You Need to Know)

    By: Joshua Clarke & Michael Hanton   This guide explains Ontario’s Non-Resident Speculation Tax (NRST), a tax on certain purchases of residential property by foreign individuals and entities. ......

Read Now

Notice to Clients: 2024 Capital Gains Changes

  The 2024 federal budget has brought unexpected news for taxpayers and tax professionals alike. The budget proposed changes to the capital gains inclusion rate, aimed at enhancing tax fairness ......

Read Now

Canada’s Foreign Buyer Ban (A Complete Guide)

  By: Joshua Clarke & Jennifer Parker   Introduction To address the growing concern of housing affordability in Canada, the federal government has extended the Prohibition on the Purchase of ......

Read Now

HGR Graham Partners Sponsors 2024 SheLeads Georgian Bay

  HGR Graham Partners LLP is pleased to be co-sponsoring SheLeads Georgian Bay with Ferguson Deacon Taws LLP as the Venue Sponsor. Join us on Saturday, May 25, 2024 for ......

Read Now

Cohabitation Agreements & Marriage Contracts

  Cohabitation and marriage contracts are agreements between partners that set out the parties’ rights and obligations in the event of their separation. They are forward looking agreements and may ......

Read Now

Temporary Help Agencies and Recruiters – ESA Changes (What You Need to Know)

    Recent changes to the Employment Standards Act (ESA) have altered the landscape for Temporary Help Agencies and Recruiters who carry on business in Ontario. Many companies across the ......

Read Now

What is Title Insurance? (What you need to know)

  A title insurance policy is a policy of indemnity that insures against loss or damage arising from title defects or other covered risks which may include survey issues, encroachments, ......

Read Now

Scroll to top