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Community Business Directory
MyCityExplorer is a local directory listing Toronto businesses for
all your local shopping needs representing more than 380 business
industries. These categories include home interior, home exterior,
home furnishings, restaurants in Toronto, fast food, personal and
health care products, automotive parts and services, sports and
recreation, just for kids, travel and tourism, electronics,
computers, men and women's fashion and accessories as well as
entertainment and night life in Toronto. MyCityExplorer also
features listings for Toronto businesses for products and services
including financial services, legal services, consultants, real
estate, insurance, event planning, adult education, green living in
Toronto as well as other types of services, all within the Toronto
Area. For quality local Toronto business, look no further than
MyCityExplorer's local business directory. If you are not
advertising with MCX...your just not advertising!
New Business Start-Ups
For many years, we have assisted
entrepreneurs, guiding them as to the best direction to take. In
addition, we take the complexities out of handling issues that
relate to Government registrations requirements (CPP, EI, EHT, GST,
PST, WCB and Taxation).
 Before
an entrepreneur engages into a business venture, there are a variety
of areas that must be taken into consideration before commencing
into business. As a result, many entrepreneurs are often puzzled
when trying to decide which type of registration is best suited for
them. Should they incorporate or register as a
proprietorship/partnership?
A sole proprietorship is an
unincorporated business that is owned by one person. It's the
simplest kind of business structure.
The owner of a sole proprietorship has sole responsibility for
making decisions, receives
all the profits, claims all
losses, and does not have separate legal status from the business.
If you're a sole proprietor, you pay personal income tax on all
revenue generated by the business. You also assume all the risk of
the business. This risk extends even to your personal property and
assets. As
a sole proprietor, you have to register for the goods and services
tax/harmonized sales tax (GST/HST) if your worldwide annual taxable
revenues are more than $30,000
However, starting a new business takes research and planning. Since
new entrepreneurs often focus their time on business operations,
they don't usually have the time (or energy) to work through all the
administration and paperwork. Due to complicated tax laws, we
strongly encourage small businesses to seek professional assistance
when starting up a new business. PKAA has the experience in
navigating a new business owner through provincial and federal laws
and the associates paperwork necessary to get you started on the
right foot.. We can also advise you how to minimize future tax
obligations by offering tax planning services.
Incorporations
There are approximately three
million companies registered in Canada as corporation, and
therefore, it is becoming increasingly difficult in picking a unique
name for your company. PKAA has an independent search house which is
devoted to searching corporate names across Canada. Our dependable
name search house has many years of experience providing assistance
to Accounting & Law offices. A preliminary search helps us to make
an initial check before incurring the cost of running a NUANS
report, therefore, our clients are confident in allowing us to
provide this service from the preliminary stages to the end result,
which is a five page NUANS report that is required when filing an
incorporation. Individuals should realize that incorporations can
somewhat complex with all the necessary documents that must be
filed, however, the Ministry Of Consumer & Commercial Relations
requires that these documents are submitted when registering a new
corporation. For the convenience of our Ontario customers we will
prepare and file your articles for you at the Ministry Of Consumer &
Commercial Relations in Toronto making the procedure fast and easy.
Most people prefer to register their business as a corporation and;
Advantages are as follows:
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Incorporating
a company has several advantages, the first being that the
corporation has it's own identity separate from the people who are
involved in the business. Because of this the corporation may be
able to obtain its own investments or credit.
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Since the
Corporation has its own identity it is not affected if shareholders
of the corporation change or remove themselves as long as one
director remains. That is also beneficial for estate planning as the
corporation continues to exist after the shareholders die.
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The
shareholders of the corporation are not liable for default,
obligation or liability that the corporation has incurred unless the
shareholders give personal guarantees.
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There may be
tax advantages to incorporation. A corporation in most cases has
lower tax levels than any individual tax bracket.
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The name that
you choose for your corporation becomes protected upon completion of
the Articles of Incorporation. If someone after you've incorporated
decides to use the same name the name will be refused.
Now with an Ontario Incorporation only 25% of the directors are
required to be Canadian Citizens.
Disadvantages to incorporation are as follows:
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Since a
corporation has its own identity, it also has to file its own tax
returns. The individual shareholder must file their personal tax
return along with a secondary tax return for the corporation.
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Having a
corporation means more paperwork in most cases. Not only are you
required to maintain personal records for yourself as a shareholder,
but also maintain the records for the corporation.
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The initial
costs for a corporation is higher than other options available for
businesses which is approximately $800-$1200.00
Each and every
corporation must have Corporate By-Laws in their minute book. Upon
filing your incorporation, Peter A. Kypreos, Accountant & Associates
will proceed to prepare a 28 page By-Laws No: 1 for your minute
Book.
Resolutions, Registers, Ledgers & Certificate(s)
Once a corporation has been formed, opening resolutions, registers,
ledgers & certificates are to be prepared and once again, we will
prepare a set for you.
READY TO GET IT
DONE RIGHT THE FIRST TIME!
BUSINESS FORMATION SERVICES:
Sole Proprietorships
Partnerships
Corporations
SERVICES PROVIDED:
Fill out startup paperwork
Fill out federal and Provincial tax applications
Advise on tax planning
Setup record management systems
Payroll setup
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