Re: Business Partners: once you’ve written the Business Plan, go through it with your partner(s) and ensure all the important points are agreed to. Big problems can arise when a year or two later, if there’s conflict because they started pushing to do something completely opposite an important point(s) that are in the Plan, and haven’t discussed it before their attitude hits the fan. Listen very hard for an indication there are bumps in the road and address them before they fester. As Judy said, write an Agreement with your business partner(s).
Be careful setting the price you charge for your time/services. Thinking too much about what “they” can afford can lead to you not making enough. No profit, no business. Try establishing an amount you want to make, and dividing that by the number of hours you have to work each year to get your hourly rate (or amount of income you have to generate), which includes time for running your business. That might leave 30hrs/week for income generation.
To incorporate or not: incorporation costs are $500+(Try to do it without the lawyer. I can send you Minute Book setup info and templates for Shareholder and Director Resolutions.) Quicktax for business is $250-300/year. Accountant $1200++. Then there’s the tax considerations of the different paths you can choose. (I just had one of those epiphanies last week re: GST self assessment on inc. company real estate purchases.). Don’t put a vehicle in the company. Do expense reports and claim an amount per km. Keep records.
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