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That’s a great question! There are pros and cons to both. We have an article all about it—click here to read more!

First, we recommend that you choose a unique name so that you decrease the chances of having any issues with similar names out there. We also suggest that you first carry out a thorough name search online—this includes checking website domains and social media handles, as well as web searches for similar names.

We then take it a step further— before we incorporate your company, we always do a NUANS search, which is a search system using a national database of company names and trademarks. This is to ensure that the exact name you have chosen isn’t already taken. We typically ask for your top three name choices, in case the first option isn’t available. You will receive a copy of your NUANS search report that we obtain on your behalf.

Yes! You can always change the name of your company at a later date—however, it will cost you (you will have to file Articles of Amendment). You’ll also need to change your company name with the bank, service providers, etc. Another option is to incorporate a company using a numbered name (e.g. 1234567 Canada Inc.) and then registering a separate “Doing Business As” name in the future. By registering a separate business name for your company you can create a brand using that name, while your company name remains the same numbered name. You can even register multiple business names to one corporation (this is a great option for many business owners, but keep in mind that you’ll still need to use your numbered company name for certain items, like invoices and contracts)!

Yes and no. Every company is required to keep certain records, and those records need to be accessible at the registered office address of the corporation. “Minute Books” have served as the central place to store all of those records, so that they are organized and accessible. For a lot of older companies, their Minute Book will look like old, dusty binders containing some sheets of paper and many tabs (often, they get stored in filing cabinets, basements, lawyer or accountant offices, and they get forgotten about or lost). However, they become particularly important to have as soon as there is a dispute amongst shareholders, there needs to be a succession of the business from one generation to the other, there is a CRA audit, the shareholders want to sell the company, or the company needs financing. This is why Tobuso’s services are completely digital; when you work with Tobuso we maintain your Minute Book in the cloud, so it’s always accessible and up-to-date. We also remind you about any upcoming filing requirements so that you don’t fall behind on corporate paperwork. Keeping an up-to-date Minute Book from the beginning will take away unnecessary stress further down the road. You can read more about Minute Books here.

No, definitely not! It’s never too late—it will just be more challenging (and more expensive) the longer you wait. Tobuso offers solutions for this! Many companies don’t realize they need one until they are required to have it—and then they have to scramble to put one together. Contact us today for an estimate.

Yes, definitely. However, you may want to seek professional advice from an accountant and lawyer, as this situation is more complex, and you’ll want to make sure that the transition goes as smoothly as possible. We’ve partnered with directLegal—you can contact them to obtain legal advice on this matter.

Every corporation has corporate filing requirements—which vary depending on which jurisdiction it is incorporated under, so it is important to look into your home jurisdiction requirements. Typically, you will need to file an annual corporate information return every year for your corporation—this is the corporate registry’s way of ensuring that they always have your up-to-date corporate information. You should also be holding annual shareholder and director meetings. These meetings are important in order to discuss financial statements, changes in governance, or to appoint an auditor, if necessary. You should hold your annual meeting within six months of your company’s fiscal year end. An alternative to holding a formal meeting is to pass a resolution in writing, signed by the people eligible to vote at the meeting. Lastly, you are required to let your governing jurisdiction know of any changes to the structure of your corporation (such as change of address and director or officer information). Usually this needs to be done within 15 days of the change taking place. We can help with all of these matters. Contact us today for more information.

This is a great question. Starting a business with friends can be an extremely rewarding and exciting adventure, but it also comes with some risk. In any company with multiple shareholders—whether those shareholders are spouses, friends, or strangers—it is often recommended that a Shareholders Agreement be put in place. Tobuso is a great place to get started with incorporating your business with multiple shareholders. And we have partnered with directLEGAL.ca to help you set up the Shareholder Agreement that you will need.

When you incorporate in Ontario, you are now required to provide a “NAICS” code that describes your primary business activity. When we help you incorporate, we will ask you for this code. Ontario collects this information for administrative purposes only and it does not appear on the public record. What you choose as your NAICS code does not limit you to that one activity, but you should try to choose the one that best describes your main business activity. Don’t worry if it’s not perfect. You can look at all the options from NAICS here.

NAICS stands for North American Industry Classification System. To learn more, you can read Statistics Canada’s explanation about how the NAICS came about.