We spoke with Canadian entrepreneurs when developing our small business education, and they identified legalities, applications, documents and filing as a major area of concern. They told us stories of getting hit with fines and lump sums of taxes due that they didn’t see coming.
So learn from these entrepreneurs! Here are some legalities to make sure you keep in mind in your entrepreneurship journey:
- Don’t forget to check your renewal dates, and mark them in your calendar so you don’t forget. Don’t get hit with late fees and fines.
- Don’t think that getting a business number is enough. Almost all businesses require some form of license or permit. Check out which ones you need, and then double- and triple-check.
- Don’t assume you’re covered. 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.
- Don’t think that you can navigate 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.
- Don’t think that the rules don’t apply to you or your business. You can’t hide – they will find you. Remaining compliant 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?