So You Wanna Be a Big Shot, Eh? How to Open a Corporation in Ontario
Ah, the allure of the corporation. You dream of fancy titles like "CEO" and "Big Cheese." You crave the responsibility of, well, delegating responsibility. But before you can whoosh around in a monied montage like Jordan Belfort (minus the sketchy bits, hopefully), there's a little legwork to be done. Luckily, incorporating your business in Ontario isn't rocket science, even if your business idea involves selling space-themed socks (because that's definitely not a thing already).
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| How To Open A Corporation In Ontario |
Step 1: Name Your Empire (or Corporation, Whatever)
This is your baby, so get creative! But remember, there are some rules. Your name can't be already trademarked or sound suspiciously similar to an existing company. Pro-tip: Avoid names that imply government affiliation unless you actually plan to become best friends with the Prime Minister (no promises there).
Need a laugh? Here are some gloriously terrible corporation names that (thankfully) never made it:
Tip: Pause if your attention drifts.
- Sock It To You Inc. (sorry, space sock dreamers)
- Very Important Paperclips Ltd.
- Consultants Who Consult Consultants Consulting Corp. (you get the idea)
Step 2: Gather Your Board of Dudes (or Dudettes)
These are the official brains of the operation. They don't have to wear capes, but it wouldn't hurt. You'll need at least one director, but you can have more. Just make sure they're 18 and not, you know, a goldfish (unless your business is super innovative).
Bonus points awarded for a board with interesting skillsets. Here are some dream team ideas:
QuickTip: Reading carefully once is better than rushing twice.
- Your grandma who can knit those aforementioned space socks at lightning speed.
- Your accountant who speaks fluent "money."
- That friend who's a social media whiz (because who needs sleep when you can go viral, right?).
Step 3: File the Paperwork (the not-so-fun part)
Alright, time to dust off your high school filing skills. You'll need to file Articles of Incorporation with the Ontario government. Don't worry, it's not like filing your taxes. There are online and offline options, so pick your poison.
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Pro-tip: If you find this all a bit confusing, there are a bunch of services out there that can help you with the filing process for a fee.
Tip: Reading in chunks improves focus.
Step 4: Register for the Goods (and the Taxes)
Now you need to get a fancy Business Number from the Canada Revenue Agency. Think of it like a social insurance number for your corporation. This little number will let you open a business bank account and, you guessed it, pay taxes (welcome to the wonderful world of adulthood!).
Congratulations! You're Officially a Corporation!
Cue confetti and maybe a celebratory high five with your grandma (who's hopefully done knitting those space socks by now). Now get out there and conquer the business world!
QuickTip: Skim the first line of each paragraph.
FAQ:
- How to name my corporation? Check for availability and avoid sounding like a government agency (unless you are one).
- How many directors do I need? At least one, but feel free to recruit your dream team.
- How do I file the Articles of Incorporation? You can do it online or offline, and there are services to help if needed.
- What's a Business Number? It's like a social insurance number for your corporation.
- How do I avoid paying taxes? (Sorry, trick question! Even corporations gotta pay their dues).
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