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
In an effort to modernize its statutes and processes, the Government of Canada has brought about wholesale changes to the Canada Not-For-Profit Corporations Act (“the new NFP Act”). All federal not-for-profit corporations must complete the process to transition to the new rules no later than October 17th, 2014. Any not for profit corporation which fails to make the transition will be automatically dissolved.
The actual transition process itself is straight-forward. A not-for-profit corporation must seek a Certificate of Continuance pursuant to the new NFP Act. This process is similar to the original incorporation process but instead of seeking to be re-incorporated, not for profit corporations (“NFPs”) must instead seek to continue operating under to the new act and obtain a Certificate of Continuance from the federal Government. There is no fee to apply for a Certificate of Continuance.
The new NFP Act requires the creation of new articles. Some of the provisions from an NFP’s previous letters patent, such as the name of the NFP, classes of members of the NFP, and the maximum/minimum