Incorporating Your Business? Watch this first and save THOUSANDS!

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Should You Incorporate? Learn about the potential benefits and pitfalls to avoid.
Check out Xero ▶️ www.avalonacademy.ca/xero-canada
(Start today with our Xero affiliate link)
Download Your Incorporation Worksheet ▶️ avalonaccounting.typeform.com...
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🎥 CONTENTS OF THIS VIDEO
00:00 - Introduction
01:01 - Deciding Whether or Not to Incorporate
01:24 - Incorporation Worksheet
01:40 - Question 1. Your Plan for the Business
01:58 - Question 2. Legal Liability
02:14 - Question 3. Expected Earnings
02:41 - Question 4. Outside Investment
03:00 - Question 5. Plan to Sell the Business
03:33 - Question 6. Just Want to Be Your Own Boss
03:53 - Question 7. Annual Upkeep Costs
04:15 - Question 8. Losses in the First Year
04:49 - Question 9. You Value Simplicity
05:07 - Question 10. Testing a Business Idea
07:11 - DIY Incorporation
07:54 - Online Incorporation Services like Ownr
08:52 - Full-Service Law Firm
09:47 - Cost of the Wrong Decision
10:44 - Jurisdiction of Incorporation
12:12 - After Incorporation
13:07 - Paying Yourself
15:17 - How Much You Could Save!
15:34 - Just Want to Be Your Own Boss
15:56 - Legal Liability
16:15 - You Earn More Than You Need
17:02 - Lifetime Capital Gains Exemption
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🔗 MENTIONED IN THIS VIDEO
► This Video is Brought to you by Xero
www.avalonacademy.ca/xero-canada (Start today with our Xero affiliate link)
► Download Your Incorporation Worksheet
avalonaccounting.typeform.com...
► Ownr affiliate link:
www.ownr.co/partners/avalon-a...
► What is a Section 85 Rollover Blog Post:
www.avalonaccounting.ca/blog/...
► Corporate Share Structure Blog Post: www.avalonaccounting.ca/blog/...
► Corporate Share Structure Video:
• Incorporating Your Bus...
► How to Pay Yourself from Your Corporation:
www.avalonaccounting.ca/blog/...
► Salary vs Dividends Video:
• Salary vs Dividends - ...
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🅰️ AVALON ACCOUNTING
Avalon is a virtual accounting firm located in Canada. We aim to be THE online accounting department for small businesses in Canada.
We provide online bookkeeping, accounting services and expert financial advice for small businesses.
We are on a mission to educate small business owners through our RU-vid channel, blog and free resources. Check out our links below to dive in.
► Website: www.avalonaccounting.ca/
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🧑‍🏫 ONLINE COURSES
🖥️ LEARN MODERN BOOKKEEPING WITH XERO
► Learn to do your own bookkeeping with modern tools and our proven practices.
www.avalonaccounting.ca/cours...

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Опубликовано:

30 июн 2024

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Комментарии : 9

@name751 2 месяца назад

Incredible value here. Thanks!

@dashap9288 2 месяца назад

Thanks this is what I did for one of my start ups. I first tested the waters for a business concept and incurred costs as self employed (and claimed business losses against my employment income). I never incorporated AND I did the right thing because at least I got some tax back on my T1 because of these losses.

@AvalonAccounting 2 месяца назад

That’s exactly it! Thanks for sharing this story as I think it applies to lots of new businesses 🙏

@AndrewEydt 2 месяца назад

Great review of the process.

@joestone1409 2 месяца назад

LZ IV classic.

@9erik1 2 месяца назад

Thanks for these videos. I just recently DIY incorporated, and plan to be the 100% owner all the time. My startup costs are small (bank fees for the business account, etc), so I don't need loans or anything, but I do have to put some of my own money into the business. However, I can't find any sort of answers as to how managing your personal vs. corporate funds goes. What does this look like from a tax perspective? Can I just claim on my personal taxes that I invested in my own company? Do I have to issue myself shares every time I transfer money from my personal account to my business account? A video on this would be great!

@AvalonAccounting 2 месяца назад

Check out our video on Shareholder Loans! That’s where we explain how to put money into your corporation and what happens when you take it out. I hope this helps!

@9erik1 2 месяца назад

@@AvalonAccounting thank you so much, that video was a huge help! I still recommend making a video on running a corporation at a sole owner, which has some of that information included. I think the biggest hurdle when starting out is figuring out what kinds of jargon and concepts you need to know - shareholder loans was not on my radar!