Hack: I’ve incorporated. What’s next?

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Handshake to that! | Photo by Viktor Hanacek via Pic Jumbo

 

You did it! Took the plunge and incorporated your small business.

Now what?

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

THEN…

  • 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

HACK:

  • 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.

Register for our “Should I Incorporate” webinar on August 24 at 1pm today here to learn everything you need to know before you decide to Inc. up!

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