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Welcome to Asphodel-Norwood, Ontario, Canada
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BUSINESS ADVISORY CENTRE Starting a New Business? FREQUENTLY ASKED QUESTIONS
WHAT ARE THE STEPS TO STARTING MY OWN BUSINESS? 1. Check with the Municipality before you begin It is important to ensure that your business venture is within the by-laws of your municipality. Usually you will deal with the Planning and Engineering or the Town Clerk's Office. > Is the property zoned properly for the business you will undertake? Is there a home based business by-law that will affect you? Contact your municipal office to find out. The Township of Asphodel-Norwood What is a business plan? It is your statement in words and number of what you want to do and what you need to get there. It is your overall strategic plan. It is also a summary of your mission, mandate, market and method. It is your basic reference document in telling your customers, suppliers, bankers and partners, about your track record, your tactics and your targets. We have several templates available. You need a business plan!! Without one you won't know where you are going or how your going to get there. Without it you can plan to fail. If you are seeking financial assistance it is a must!! Most of the larger financial institutions have their own business plan template to hand out that will discuss the exact information that they require to look at your application. The Business Consultant can also review a rough draft of your business plan and make suggestions/comments about your plan. 3. Determine whether or not you need a Vendor Permit (PST) In general if you are selling a product you must charge the Provincial Sales Tax, if you are selling a service you do not. There are lot of gray areas however so it is important to determine if your product or service is taxable. Pick up a copy of the guide "Do You Need A Vendor Permit?" To get more specific details, write or call: Ministry of Finance You can register for your Vendor Permit at the computer workstation during the business name registration. If you are not using a business name you can apply over the phone. There is no charge to get a Vendor permit. PST is an 8% tax. 4. Register your business name Unless you plan to operate your business under your personal name (i.e. Jane Doe) you are required by law to either register or incorporate your business. Keep it in mind that it can only be your personal name, anything else such as "Jane Doe's Consulting" or "Jane's" must be registered. You need a copy of your registration or incorporation to open a business bank account. The most common, simplest and inexpensive form of registration is the Sole Proprietorship or Partnership. There are three ways of registering a Sole Proprietorship or Partnership: i) At a computer workstation: The quickest and easiest way to register! You can register your business by yourself at a computer workstation at the following locations: Peterborough Government Information Centre The biggest advantage to the computer workstation is that you get a copy of your registration called a Master Business license immediately. The cost to register by computer is $60.00 and a name search is $8.00. The software is user friendly-the directions seem to be the most difficult. It will take you about 25 minutes depending on how fast you type. you can pay by MasterCard or VISA on the terminal. It is "secure", directly linked to the Ministry of Consumer and Commercial Relations. You can also pay cash or cheque at the government information desk. ii) Internet: Not Recommended-more expensive-not always reliable iii) Mail: Not Recommended-more expensive and time consuming. Ministry of Consumer and Business Services A business name registration is valid for five years. It is up to the business owner to renew the registration every five years. It is up to the business owner to renew the registration within two months of your five- year anniversary date. If it has elapsed for more than two months it is considered a new registration. There is a $2,500.00 fine for not registering a Business name in Ontario. The process of incorporating a business establishes your business as a distinct legal entity. As such, incorporation can offer a number of advantages to your business. Some examples include the transferability of business ownership, limited liability and possible tax advantages. Perhaps the biggest disadvantage to incorporation is the cost. While you can do it yourself, it is highly recommended that you have your lawyer or accountant draw up the incorporation papers. Incorporation can cost anywhere from $1,000.00 or more depending on the complexity of your business and whether you incorporate federally or provincially. Industry Canada-Corporations Directorate
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