Ontario Business Question

Discussion in 'Network: International' started by devo20, Mar 27, 2014.

  1. devo20

    devo20 LawnSite Member
    Posts: 38

    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??
     
  2. P.Services

    P.Services LawnSite Fanatic
    Posts: 6,322

    No that is the exact thing they do not want you to do. A account should be free.
    Posted via Mobile Device
     
  3. devo20

    devo20 LawnSite Member
    Posts: 38

    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)
     
  4. Five Points

    Five Points LawnSite Member
    Posts: 213

    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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