entrepreneurship 101 - the nuts and bolts of starting a business
DESCRIPTION
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.TRANSCRIPT
Slide 2
MaRS
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Slide 3
MaRS
` Nuts and Bolts of Starting
a Business
Presented by:
Tony Redpath
Vice President, Partner Programs
MaRS Discovery District
October 20th, 2010
Slide 4
MaRS
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 5
MaRS
Your Ecosystem.. Just at the beginning…..
You Inc.
Your Suppliers
Your Customers
Slide 6
MaRS
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 7
MaRS
Incorporation in Ontario
 Provincial For Profit Incorporation  Service Ontario website
 Business Corporations Act
  Provincial for Non Profit Organizations
 CRA Website
Slide 8
MaRS
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 9
MaRS
After incorporation, taxes will follow ….
 Regardless of incorporation jurisdiction, taxes are a requirement
 Federal Corporate Tax
 Provincial Corporate Tax
 HST
Slide 10
MaRS
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 11
MaRS
Your Ecosystem The Expansion Continues
You Inc.
Your Suppliers
Your Customers
Federal and Provincial Govt.
Accountant Lawyer
Slide 12
MaRS
Post Incorporation.. Founders, partners & employees
 You will 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 13
MaRS
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 14
MaRS
Your Ecosystem
You Inc.
Your Suppliers
Lawyer Accountant
Your Customers
Federal and Provincial Govt.
WSIB
Slide 15
MaRS
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 16
MaRS
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 17
MaRS
Your Ecosystem
CRA
You Inc.
Your Suppliers
Lawyer Accountant
Your Customers
Federal and Provincial Govt.
WSIB
Slide 18
MaRS
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 19
MaRS
Your Ecosystem
Bank
Trade associations Trade Shows Conferences
Regional Networks Regulatory Bodies
CRA
You Inc.
Your Suppliers
Lawyer Accountant
Your Customers
Federal and Provincial Govt.
WSIB
Slide 20
MaRS
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