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Steps for incorporating a business in Toronto - Essay Example

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Similarly, the significant population makes it an attractive environment for investment. However, incorporating the business is a crucial step because it determines the tax, enterprise’s name protection and the overall costs of incorporation…
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Steps for incorporating a business in Toronto
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Steps for incorporating a business in Toronto Steps for incorporating a business in Toronto The Toronto market is diverse and with many competitors. Similarly, the significant population makes it an attractive environment for investment. However, incorporating the business is a crucial step because it determines the tax, enterprise’s name protection and the overall costs of incorporation. The following entails probable steps for successful business incorporation in Toronto.
Selection of business jurisdiction
The process involves defining the area of operation that includes the territorial or provincial authorities. Nonetheless, home province of the incorporator determines the choice of either a territorial or federal jurisdiction.
Corporate name selection
The regulations require the investors to propose names that comprise descriptive and distinctive features. The elements highlight the activities and the entity respectively.
Business name availability analysis
The step entails searching the availability of the proposed name and subsequent submission to the government agency for approval. It helps ensure the distinctiveness of the proposed business.
Filling and Completing the Articles of Incorporation
The law stipulates that the investor should sign the articles of incorporation in duplicate. He or she should not be bankrupt and must have attained 18 years and above.
Submission and registration of articles of incorporation
The entity should file all documents including articles of incorporation and name search with the appropriate government departments.
The procurement of the firms seal and minute book
The assets help in business record keeping by the law provisions. The seal is a legal sign for stamping the company name on legal documents.
Organizing the business management structure, formulation of by-laws and signing the stockholder settlement.
Getting the necessary licenses and permits such as the export/import account or government business income taxes.
Opening an operating business account
Rolling out the business after attaining all the legal requirements
References
10 Steps to Creating a Corporation. (n.d.). Retrieved August 12, 2015, from New Business Now.com: https://www.newbusinessnow.com/article/10-steps-to-creating-a-corporation/ Read More
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