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Old 03-27-2014, 10:27 PM
devo20 devo20 is offline
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Join Date: Jul 2013
Location: Ontario, Canada
Posts: 32
Ontario Business Question

Hi everyone,

So I am starting to do the paperwork to become an official business. I have done some research but have one question. I would like to open a sole proprietorship. I would like to also register a business name and operate under that name. But I would like to take care of billing in my name and deposit it into my personal account until I can afford a monthly business account fee. Is that legal, operating under one business name and taking care of billing into my personal account??
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Old 03-27-2014, 11:00 PM
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P.Services P.Services is online now
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Join Date: Apr 2007
Location: Fenton Michigan
Posts: 6,352
No that is the exact thing they do not want you to do. A account should be free.
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Old 03-28-2014, 08:53 PM
devo20 devo20 is offline
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Join Date: Jul 2013
Location: Ontario, Canada
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Business accounts are not free in Ontario, Canada. Also a lot of business accounts not only charge a service fee, but charge you per item deposit. (Basically every cheque)
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Old 01-01-2015, 10:28 AM
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Five Points Five Points is offline
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Join Date: Jan 2010
Location: Ontario,Canada
Posts: 202
I think its 50 or so to register your business, or it was 10 years ago when I started. I pay I believe Ipay 50 per month for my business account, I have unlimited transactions.

Also not sure how much you plan to gross, but if its under 30 thousand you do not have to charge sales tax HST. Not positive there but you could look that up on the governments website easy enough to be sure.

If you are going to do this full time get the business account. Shop for the best deal. If this is on the side till you can go full time just do the billing in your own name and have a separate personal account you run the business out of for the first year. Still register the name.

Hope that was of some help,
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