Incorporating & Accountants

[schocker]

Currently, I am working as a sole proprietor. I do have a GST/Business number set up for this, but I know that incorporating would make more sense money wise. With regards to incorporating, which would be the best route.

-Buy one of those kits at the registry and fill it all in?
-I saw Lawdepot.ca Can set everything up for you for $99 online?
-Meet with an accountant and get them to create my forms and go to the registry with those?

I know I would easily be able to do the gst number and such again online or possibly transfer my current number on my own.

Also, I would likely need to get an accountant for book keeping purposes. Does anyone have any good ideas for someone in the NW as I am over in Sage Hill?

Thanks

[dannie]

Cheapest way out of those is to get the Legal Ease Kit at the Registry and incorporate yourself. Unless you are doing something complicated (ie: professional corp, publicly traded corp etc), those kits are a great basic coverall.

The lawdepot thing is just the paperwork that you see in the Legal Ease Kits at the registry. You will still have to incorporate the company

[schocker]

Gotcha. Thought law depot incorporated for you whoops. Would you say the more expensive of the kits is worth it?
I know the basic is the papers, the middle one comes with the minutes binder and the papers, and the top kit for $65 is the binder with all the papers organized within the proper areas of the binder

[dannie]

The difference between the $40 kit and the $65 is that the expensive one contains the binder. By law, you are required to maintain something called a minute book. This book contains your list of directors, shareholders, agreements, share certificates etc. That book has to be kept up and accessible to the public and is called a Minute Book. If you dont want to go to the hassle of setting that binder up yourself, get the $65 kit. If you have the time to do it yourself, buy the $40 one

[Mibz]

I did it all in a couple hours with forums downloaded from the CRA website. Only money I paid was the actual Incorporation Fee.

EDIT: And the NUANS search, which took about 5 minutes online.

[schocker]

Alright thanks guys. I will see if I can tackle the forms I found here:
http://www.servicealberta.gov.ab.ca/...onRequirements
otherwise I can try the kit with the binder for the minutes book.

[msommers]

What are you doing for a business? How long are you planning on doing this for? Do you know what a PSB is? Keep in mind that along with the initial startup fee of incorporating, accountants charge significantly more for incorporated businesses than SP's. Not trying to deter you away because incorporated businesses have their benefits but weigh all the options with your long-term goals before doing anything.

[dannie]

Nooooo.... those arent what you need. That link is for cooperative and extra provincial registration.

Heres the three forms you need:

http://www.shawnessyregistry.com/forms/REG3047.pdf
http://www.shawnessyregistry.com/forms/REG3016.pdf
http://www.shawnessyregistry.com/forms/REG3017.pdf

If you are doing a named corporation, you need to do a Nuans search as well. You can do it at the registry as well. No form needed

[schocker]

Originally posted by msommers
What are you doing for a business? How long are you planning on doing this for? Do you know what a PSB is? Keep in mind that along with the initial startup fee of incorporating, accountants charge significantly more for incorporated businesses than SP's. Not trying to deter you away because incorporated businesses have their benefits but weigh all the options with your long-term goals before doing anything.

I am a technologist working as an oil and gas contractor and should be for many years. I am not sure what a PSB is though. (Edit, I do know what it is now that I looked it up, couldn't place the acronym. Might be considered PSB in which it wouldn't be beneficial if CRA was to crack down but I am guessing there are hordes of people working that way in Calgary?) I am assuming the accountant would be about $1200-1500 as my father is a construction contractor and uses one but he is not taking new clients. I know I would like to do this for the tax benefits though with regards to dividends and the lower corporate tax compared to personal tax levels.

Originally posted by dannie
Nooooo.... those arent what you need. That link is for cooperative and extra provincial registration.

Heres the three forms you need:

http://www.shawnessyregistry.com/forms/REG3047.pdf
http://www.shawnessyregistry.com/forms/REG3016.pdf
http://www.shawnessyregistry.com/forms/REG3017.pdf

If you are doing a named corporation, you need to do a Nuans search as well. You can do it at the registry as well. No form needed

Lol thanks dannie, I read them wrong. Could have sworn I found ones that weren't cooperative. I will be doing a numbered most likely though as I cannot think of a good name

[JfuckinC]

Originally posted by schocker

I am a technologist working as an oil and gas contractor and should be for many years. I am not sure what a PSB is though. I am assuming the accountant would be about $1200-1500 as my father is a construction contractor and uses one but he is not taking new clients. I know I would like to do this for the tax benefits though with regards to dividends and the lower corporate tax compared to personal tax levels.


Lol thanks dannie, I read them wrong. Could have sworn I found ones that weren't cooperative. I will be doing a numbered most likely though as I cannot think of a good name

Beyond Naming Contest?!

[Mibz]

I have a pretty uncreative name myself, haha.

[skandalouz_08]

If you want a small business accountant call up Jeff Kong - 403-890-8203. He's taking new clients and tell him Des sent you.

[schocker]

Well I was thinking like Schock Technology Ltd. but since it is a weird spelling compared to Shock I figured people would have a tough time with it. It does have a better ring though than 654984984894 Alberta Ltd.

I suppose it would be worth getting the kit though to understand everything as I don't understand some of the items like shares but I will be the sole employee and director.

[Mibz]

Scock Tech? Do you provide a more comfortable sock for whackin' it? I'd invest.

[Jlude]

Originally posted by Mibz
Scock Tech? Do you provide a more comfortable sock for whackin' it? I'd invest.

[JfuckinC]

Whats the line of work?

[CapnCrunch]

[i]accountants charge significantly more for incorporated businesses than SP's. [/B]

What do you consider significant?

[schocker]

Originally posted by Mibz
Scock Tech? Do you provide a more comfortable sock for whackin' it? I'd invest.

Oh I don't know if that would be quite professional Mibz

Originally posted by JfuckinC
Whats the line of work?

oil and gas project technologist services

[msommers]

Originally posted by CapnCrunch


What do you consider significant?

200 vs. 1500+

[Red@8]

I can suggest Ladha, Moen and associates for an accountant. Ask for Mariam or Jason. They are in Panorama Hills. 403.284.9671