You did it! Took the plunge and incorporated your small business.
This week, we provide you with the bookkeeping floaties to make sure you do not sink in the sometime cold and unnerving incorporation waters.
FIRSTLY, make sure you do not forget to do the following:
- Pat yourself on the back. You just got yourself a brand new business for gosh sake!
- Pick the official operating date
- Get a new set of books and accounting records
- Apply for new tax registration numbers
- Open new bank account and credit card, merchant service provider *if applicable
- Change bills to be in the name of the corporation
- We recommend you see a lawyer before incorporating
- Remember to put your GST/ PST numbers on your invoice template
- Track any personal cash you put into the corporate bank account
Next week, we look at how to pay yourself when you are incorporated.