In today’s class we had to look at two websites that had information about different topics that we need for our business. Below is some information about some of the topics:


Registering your business name: This is when you have to register the name that you have chosen for your business. First off all, if your business name is YOUR actual name then you don’t have to register it however if it is a name other then your actual name it must be registered. In order to accomplish this you must first check to see if the name you want is already taken. If it IS already taken then you cannot use it. In order to check if your business name is taken or not you have to pay $12. To resister a business name through Ontario Business Connects, the fee you must pay is $60 but if you are registering it through mail then the fee goes sup to $80.The second thing that you should know is that your business name will expire after 5 years.


Taxes: You have to pay taxes to both the provincial and federal government. This money is based on how much profit you make minus the amount of your expenses. The expenses would be things such as office rent and maintenance, mortgage, delivery, leased equipment, professional fees, freight and transportation expenses, interest and property taxes on property you own and use in your business, utilities, insurance premiums, and many MANY more.


Business records: This just means that you have to keep a book of records for six years after you have done your taxes. Your accountant can do that for you.


Licenses: Means that you just need to get a license for the location of your business, etc. This can be done from the federal, provincial or municipal government.


Insurance: There are different types of insurance that you can get such as, property insurance, business interruption insurance, general liability insurance, key person insurance, disability insurance, errors and omissions insurance.


Renting or buying: This would be something to consider if your business isn’t home-based. To figure out whether your renting or buying premises, the things you look at are things like space, security, parking, the amount of money you're willing to pay, etc. If you buy a place then you need a real estate agent, however if you decide you only need to rent it then you sign a lease with the owner of the place.


Business communications: You have to have ways to be able to contact your consumers. Therefore you would probably require things such as computers/laptops, types of software, telephone, cell phone, etc.


Hiring employees: Obviously in order for a business to function it must have people working it. When you start to hire employees the things that you need take in consideration are:
Paying them regularly
training them
maintaining the records of your employees,
how much your wiling to pay them
pregnancy and parental leave, etc.