In our survey of hundreds of successful Canadian entrepreneurs, the topic of legalities, applications, documents and filing were a major area of concern.
Canadian entrepreneurs told us stories of getting hit with fines, and lump sums of taxes that they didn’t see coming. Whether you’re unaware or forgetful of legal issues, it’s important to stay on top of legalities. Here are some tips from your fellow Canadian entrepreneurs about what to watch for.
- Check your renewal dates, and mark them in your calendar. Don’t get hit with late fees and fines.
- Almost all businesses require some form of license or permit – just getting a business number isn’t enough. Check out which ones you need, and then double- and triple-check.
- Remaining compliant with small business legalities, even if they’re annoying or convoluted, will remove stress and help your business run smoother.
- Don’t leave it to the last minute. The application and assessment processes can sometimes take a long time, and how annoying would it be to postpone opening day over a pending license or permit?
- You may want to set aside some money in case there’s something you missed. These large lump sums that come out of nowhere can really dent your company’s cash flow.
- You don’t have to navigate these legalities alone. It never hurts to have an experienced professional take a look over which licenses, permits, contracts and policies you have in place in order to make sure that you’re covered.
Have a question about small business legal issues in Canada? Check out our Ask an Expert section to search our database of over 1,000 small business questions and find answers from our expert entrepreneurs – or ask a question yourself!