Incorporate Your Startup & Plan Business Succession
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If you have a startup company or small business in Thunder Bay District and you need legal advice please call us now 807-285-7777
When Is The Best Time To Incorporate My Small Business or Startup In Thunder Bay District?
You should get professional advice from a lawyer and accountant. At Larson Lawyers, first we look at your industry and the income from the business, then we consider the complexity of the work, the liabilities of the business, as well as estate planning concerns and more. After we get to know you very well, we will come up with a plan that best fits you.
As a general rule, after $30,000 in sales your service business must start collecting and remitting HST on behalf of the government. At around $50,000 in sales there often starts to be some advantage to incorporating your small business.
A startup may wish to incorporate before making any sales for good reasons. Professionals often need to create a professional corporation before they are cash flowing. Other business owners may wish to raise capital or make large investments with personal savings. If you are making large investments into inventory, machinery, real estate or other assets, it may be important to incorporate now. Please contact us to set up an appointment to discuss the right move for your business.
Virtual consultations and office calls are available upon request for small business owners who don’t have the time to drive to our office in downtown Thunder Bay. We will make the time to come to you at Larson Lawyers. You need to stay focused on growing your business, not driving around to deal with legal issues.
Benefits Of Incorporation
Incorporating your business can provide legal protections for you personally as the owner, and your estate. Having a corporation may also provide you with tax benefits. These benefits could include write offs and better tax rates.
If you already have a business and you could use help with tax planning, please give us a call. Our number is 807-285-7777.
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