The lightbulb went off, and you’re ready to take the leap and start your own business – but now what? Let’s be honest, starting a company is a lot of hard work. The process can be long, intimidating, and not for the weary.
Despite the initial hesitations, the thought of being your own boss and pursuing a passion can be extremely rewarding. Maybe you’re unhappy in your current job, maybe you’re looking for a big change. Whatever the reason may be, we’ve listed out some steps to help get you started. Enjoy!
Do Your Homework
This may seem like an obvious step, but it’s one of the most important! Doing research is essential for any big decision in life, and starting a business is no different.
What will your business be? Will you have a partner? Will your business be built from the ground up? Will you buy something existing? Will your idea actually turn into a profitable business model? Do you have the data to back it up? Thinking about these things (and more) before
Money advanced to a married person by a family member often becomes the subject of controversy in family law litigation. For example, it is not uncommon for parents to advance money to their adult child in order to help fund the down payment of a home for the adult child and his or her spouse. Invariably in these situations where the parties later separate, the recipient of the money takes the position the advance was a loan, while the other spouse takes the position it was a gift. The characterization of the money advanced has important implications with respect to the calculation of the recipient’s net family property calculation and equalization payment.
Fortunately, the recent decision of Barber v. Magee, 2015 ONSC 8054 (Ont. S.C.J.) by Fitzpatrick J. of the Ontario Superior Court of Justice provides a fulsome overview of leading authorities on this issue and sets out a concise list of the factors to be considered in determining whether the funds advanced are to be considered a gift or a loan, including