Does anyone know if it is necessary to get a business license if you are living in ontario, and have an online web hosting business?
I already have a web hosting business going right now, and making 300-400/month.
I don't have a business license yet, and i've been running it for a few months now.
What I would like to know is it too late now to go register as a business? Can I just walk in there and say that I'd like to register a business, give them my info and then only counting revenue, expenses, etc, AFTER I get my business license? Or am i thinking the wrong way?
How will they know I've been doing this for 4-5 months already
My guess is they won't, so my guess is that I could go in there and register a business now, better than a year later... or few months later
Because each month i estimate ill be making more and more, and i am really scared to continue like this without a business license
So does anyone know what it's like in ontario canada? It seems like every state, or every country has it different. I actually heard one person on here say that since they live in canada they don't really need a business license becuase of < some reason here >
So as you can see, it may be differnet
Please don't bash me, I feel bad already as it is for not having a business license. I realize it may be wrong, and as I said, i feel bad as it is. I don't want to continue like this. It was not a smart decision on my part, but I'd lik eto change things around
If anyone has any information please do reply
e.g. anyone who lives in ontario and runs a business.. Or if anyone knows what would happen when i do walk in there to go register my business... what if i just told them that i just started up, and pretend like the past never happend, etc.
Why on earth would we bash you ? You are asking a question and we're gonna answer it There's nothing wrong with "not" having a business license, but it's always "good" to have a business license.
1. You can save yourself from losing your personal stuff if something goes wrong
2. You, personally are not responsible for anything.
3. The business is its own identity.
I am in Toronto, Ontario, and we have an Ontario Corporation and it was a pretty easy task to get it done. Get a lawyer if you aren't so good at business and legal stuff, it will make life a whole lot easier, but it costs anywhere from $300 - $800 CDN to get it all done including: name search, registration, and consultation fees by the lawyer. The government looks at your business earnings as personal earnings before incorporation, so anything after the incorporation is what they count and tax. You have to get a corporate bank account to put all the funds in, etc, etc. Everything becomes in the name of the company.
I think you should do it, it will be better in the long run in case one of your clients decides to 'sue' or cause some 'legal' troubles. You never know, anything is possible and its best to be ready.
I hope I answered your questions, if I haven't reply here, or PM me and I'll try to help you as much as I can. We are incorporated as: CashCommunity.com, Inc.
Right on Kaumil. After a bit of research and fiddling around it ended up taking me about a day to do all the work, and cost me around 450$. I too am in Toronto and really it's just a trip down to University & Queen, a little paperwork and a visit to your bank
Yep, or just goto the local law office, and let them do it if you have no clue to what you are doing (like me). Then open a bank account, anything after that the company is responsible for paying taxes on.
You can include your money made before as "initial investment" when you go and open the account. They won't say nothing but "sure", because they want your money