RE: Laws
jpf <[email protected]> 3 Sep 2003 15:18:30 -0000
| Newsgroups | gmane.comp.web.oscommerce.laws |
|---|---|
| Message-ID | <3002431882a9203c310c6502180c034a@osCommerce-Forums> |
This message was sent from: E-Commerce Laws http://forums.oscommerce.com/viewtopic.php?p=223892#223892 ---------------------------------------------------------------- Just about the same as a brick and mortor store. Register your business name with the province - get any tax registrations you need/want like GST and PST/RST. Get extra BUSINESS INSURANCE (can be added to your personal property insurance) with atleaset 1 Million for liabity. (5+ is perfered). Any leased equipment or higher value equipment (computers, printers, copiers, ect..) should be listed specifically in the insurance (for fire/theft ect...). Get a bank account under your business name (take your prov. business name registation certificate with you). Most personal insurance has very small LIMIT on personal "home business" assests and liablity (ie: general contractor who owns his own tools/equipment - had some one break into his garage and had $20,000+ of tools and stuff stolen - insurance only allowed less than 1/2 of that - the MAX allowed - as he did not have any "home" business insurance. Claim all income with your Revenue Canada filing. I have been doing my own for the last 4+ years with personal tax s/w. When you get started talk to an accountant on what kinds of items can be witten off and how much - talk about tax liablity (do you need to make income tax payments) and have him file atleast the first year or so for you. Optionaly - getting a LLC or Inc or Ltd corporation. (You will need a bookeeper and a proper CGA or CA acountant to review your books yearly and a lawyer for corporate filings) If you may have alot of personal assest or for insurance puroses or for tax reasons (if there are more "partners" than yourself and spouse). Optionaly - Register with local Chamber of Commerce/Better Business.... Other trade orginations.... Note: if you sell less than 30,000 per year you don't NEED to get a GST/HST# (now called a BN or Business Number) - but then you have to pay GST/HST for everything you buy and can not claim it back or pass that on as a extra charge on what you sell - you have to lump it into your cost of the goods. I sell food product and thus not subject to being charged GST/RST on goods bought or sold. However I pay GST on packing supplies/shipping - Which I can claim back. PM me if you want. Good Luck