Entrepreneurship 101 - The Nuts and Bolts of Starting a Business

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This lecture outlines the legal and tax considerations of starting a business, including how to register and structure your business. You are introduced to the importance of understanding the entire “ecosystem” of your business, including distribution partners, industry contacts, lawyers and human resource specialists.

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Entrepreneurship 101 - The Nuts and Bolts of Starting a Business

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  2. 2. ` Nuts and Bolts of Starting a Business Presented by: Tony Redpath Vice President, Partner Programs MaRS Discovery District October 20th, 2010 Slide 3 MaRS
  3. 3. Creating an Ecosystem… When you start an enterprise, you have to work within an existing ecosystem while seeking to create your own relationship network and ecosystem…  Customers  Suppliers / Providers  Government  Regulatory bodies  Trade Associations Slide 4 MaRS
  4. 4. Your Ecosystem.. Just at the beginning….. Your You Your Suppliers Inc. Customers Slide 5 MaRS
  5. 5. What should be my first step? Incorporation   For Profit and Non Profit Organizations:   For Profit Incorporation   Federal incorporation – Canada Business website – Canada Business Corporations Act   Non Profit Organizations   Canada Non for Profit Corporations Act   Non for Profit Incorporators Handbook   Charitable Status Slide 6 MaRS
  6. 6. Incorporation in Ontario  Provincial For Profit Incorporation   Service Ontario website   Business Corporations Act   Provincial for Non Profit Organizations   CRA Website Slide 7 MaRS
  7. 7. Incorporation in the US Moving South of the Border?   For Profit Options:   Delaware incorporation   US Investor Base   Non Profit Options   Guide Star   Filing Requirements – IRS   L3C Legal Structure Slide 8 MaRS
  8. 8. After incorporation, taxes will follow ….  Regardless of incorporation jurisdiction, taxes are a requirement  Federal Corporate Tax  Provincial Corporate Tax  HST Slide 9 MaRS
  9. 9. Rules of the Incorporation & Taxes Lesson number 1: Get Help!  “The incorporation process can be very complex. You may wish to obtain legal and tax advice to assist you with the preparation of the incorporation documents and shareholders' agreements.”  Canada Business website   Approximate cost to hire an accountant / lawyer to handle all the above paperwork is $800 - $1500 Slide 10 MaRS
  10. 10. Your Ecosystem The Expansion Continues Federal and Provincial Govt. Your You Your Suppliers Inc. Customers Lawyer Accountant Slide 11 MaRS
  11. 11. Post Incorporation.. Founders, partners & employees  Youwill need a shareholders agreement – it can be 1 page or 100 pages, but it must cover, at a minimum:  What is the ownership split (at the start; sweat equity vs salary)  How are decisions made  What are each person’s responsibilities  Assignment of Intellectual Property  There are many other issues that can be covered in a shareholders agreement (see Term Sheet lecture)  Legal advice is highly recommended Slide 12 MaRS
  12. 12. Are you going to have employees?  More taxes – you need to remit payroll deductions for income tax, Employment Insurance, Canada Pension Plan (the good news is that when you get the other federal tax numbers, you will also be set up for payroll taxes)  You need to register with the Workplace Safety and Insurance Board (WSIB) Slide 13 MaRS
  13. 13. Your Ecosystem Federal and WSIB Provincial Govt. Your You Your Suppliers Inc. Customers Lawyer Accountant Slide 14 MaRS
  14. 14. Where should I register my enterprise name?   How do I register my enterprise name?  Canada Business website   How do I seek information about trademarks & patents?  Canadian Intellectual Property Office website Slide 15 MaRS
  15. 15. Types of Organizations Research and Development   Scientific Research and Experimental Development tax credits (SREDs)  A major advantage for Canadian companies  Claimants can apply for SR&ED investment tax credits for expenditures such as wages, materials, machinery, equipment, some overhead, and SR&ED contracts.  Generally, a Canadian-controlled private corporation (CCPC) can earn an investment tax credit (ITC) of 35% up to the first $2 million of qualified expenditures for SR&ED carried out in Canada  Scientific Audit and Financial Audit  To qualify for the SR&ED program, work must advance the understanding of scientific relations or technologies, address scientific or technological uncertainty, and incorporate a systematic investigation by qualified personnel. Slide 16 MaRS
  16. 16. Your Ecosystem Federal and CRA WSIB Provincial Govt. Your You Your Suppliers Inc. Customers Lawyer Accountant Slide 17 MaRS
  17. 17. Beginning to build your network Establish a commercial network that compliments your existing networks   Building Effective Relationships 101   Professional Organizations & Trade Associations   Be Strategic   Too many to count….   Why do I need to be there? Who do I need to meet?   Scientific Conferences   Trade Shows   Partners   Government Officials   Your Bank Slide 18 MaRS
  18. 18. Your Ecosystem Federal and CRA WSIB Provincial Govt. Your You Your Suppliers Inc. Customers Trade associations Trade Shows Conferences Bank Lawyer Accountant Regional Networks Regulatory Bodies Slide 19 MaRS
  19. 19. Consider things NOT to do….   Don’t run out and commit to a big office with lots of fancy furniture – get the space that you need, shop at IKEA and grow your space as necessary   Don’t hire your relatives simply because they are available – get the team that you actually need   Don’t hire your lab, old college university friends mates UNLESS they can offer you something to build your organization Slide 20 MaRS

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