You did it! Took the plunge and incorporated your small business.
Great work! The next question is floating in your head is probably – Now what?
Don’t panic! We are here to throw you a bookkeeping floaty 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.