Formal Permissions

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1. Making sure you have your ducks-in-a-row regarding the formal permissions required to run a business within your location, is part and parcel of responsible business ownership. Most business owners understand they need to register their businesses with the Canada Revenue Agency but what else needs to be done?

There are three considerations:

1. 1. • Registrations
      • Licenses and permits
      • Insurance
   We’ll look at each one below.

1. Registrations

1. 1. • Name Search/Registration – Unless your business is a sole proprietorship operating under your own name you must register the business name.  Have you done a name search & registered your business name?
      • GST – If you expect revenues of $30,000 or more it is required, otherwise it is voluntary. Have you registered?
      • Revenue Canada – If you have employees you will require an Employer Registration number?  Do you have one?
      • WCB – Do you require a Worker’s Compensation Board assessment number?  How much will the premiums be?

2. Licenses and Permits

1. 1. • Business License – Do you have your current license from the local government?
      • Zoning – What zoning regulations apply to your business? How will you be affected? This is important as some local regulations may prevent you from opening a certain type of business or operating a business from home if you will be receiving lots of visitors.
      • Other Permits – Are there any special permits or licenses that are required for your business? Do you have to prove certain qualifications?

3. Insurance

1. What types of insurance will you need?  How much does each type cost? Consider vehicle, building, safety, care, custody, control, etc.

Activity

Review each question above and for those relevant to your business, create your answer. If you need to, do some research to ensure that you ascertain some ball park figures for the costs of each of these considerations.