Checklist for Starting a New Business

You
Are you ready to start a business? Know what you want and understand what’s involved, including personal sacrifices. Are you willing to devote long hours to your endeavor?

Business Organization
Decide on the form of organization: Partnership, Proprietorship or Corporation

Legal Matters
Lawyer to be consulted regarding form of organization
Other legal issues ie. Contracts, shareholder agreements etc.

Accountant
Consult an accountant regarding a detailed business plan-it’s imperative!
Establish reporting requirements
Establish a fiscal period
Establish a reporting system

Financing Matters
Open a business bank account
What funding sources will fuel your business?
Meet with bankers to secure a line of credit and other required facilities
Agreements regarding leases of real property, vehicles and equipment

Registration and regulatory considerations
Business Name
Goods and Services Tax
Provincial Sales Tax
Employers - Source Deductions
- Workplace Safety and Insurance

Municipal - Business Licenses
Zoning and Bylaw Regulations
Building Permits
Fire and Liquor Regulations

Various Federal and Provincial Regulations
Licensing requirements in regulated industries
Food and Drug Act

Insurance Considerations
Consult with broker regarding business, personal disability, and group health benefit requirements