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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3. `
Nuts and Bolts of Starting
a Business
Presented by:
Tony Redpath
Vice President, Partner Programs
MaRS Discovery District
October 20th, 2010
Slide 3
MaRS

4. 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

5. Your Ecosystem..
Just at the beginning…..
Your You Your
Suppliers Inc. Customers
Slide 5
MaRS

6. 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

7. Incorporation in Ontario
 Provincial For Profit
Incorporation
 Service Ontario website
 Business Corporations Act
 Provincial for Non Profit
Organizations
 CRA Website
Slide 7
MaRS

8. 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

9. After incorporation, taxes will follow
….
 Regardless of incorporation jurisdiction, taxes
are a requirement
 Federal Corporate Tax
 Provincial Corporate Tax
 HST
Slide 9
MaRS

10. 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

11. Your Ecosystem
The Expansion Continues
Federal and
Provincial Govt.
Your You Your
Suppliers Inc. Customers
Lawyer Accountant
Slide 11
MaRS

12. 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

13. 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

14. Your Ecosystem
Federal and
WSIB
Provincial Govt.
Your You Your
Suppliers Inc. Customers
Lawyer Accountant
Slide 14
MaRS

15. 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

16. 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

17. Your Ecosystem
Federal and
CRA WSIB
Provincial Govt.
Your You Your
Suppliers Inc. Customers
Lawyer Accountant
Slide 17
MaRS

18. 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

19. 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

20. 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