Effectively selecting and registering a business name

1. Brainstorm & Research: Choose a unique and memorable name that reflects your brand identity. Check domain availability for a website.
2. Conduct Trademark & Business Name Searches: Search national and local databases to avoid legal conflicts.
3. Register the Name: File with the local business registry and apply for a trademark if necessary.
4. Secure Digital Presence: Register website domains and social media handles.

Essential compliance and regulatory considerations for new businesses

1. Business Licenses & Permits: Industry-specific and location-based requirements must be met.
2. Taxation & Financial Reporting: Understand corporate tax obligations, sales tax, and payroll tax compliance.
3. Employment & Labor Laws: Ensure fair hiring practices and workplace safety regulations.
4. Consumer Protection Laws: Follow regulations for refunds, warranties, and customer data security.
5. Environmental & Industry Standards: Check if special regulations apply to manufacturing, food services, or other sectors.

All the Legal Stuff you Need to Know

There are five main legal aspects to consider:

1. Registering your business 

Business number:

• In Canada, the federal government assigns a unique Business Number (BN) to each company.
• A BN then allows you to register a business account with the Canada Revenue Agency (CRA) for GST/HST (Goods and Services Tax/Harmonized Sales Tax), a payroll account (if you have employees), a corporate income tax account and an import/export business account.
• To apply for a BN, you will need your Social Insurance Number (SIN), business name, business physical location and business activity, business structure and year end. The CRA can be reached at 1-800-959-5525 or through cra-arc.gc.ca.

2. Different types of business structures in Canada

The three major types of business structures:

• Sole proprietorships
• Partnerships
• Incorporated businesses

Legal & Registration Requirements

• Choose a Business Structure: Sole proprietorship, partnership, LLC, or corporation.
• Register Your Business: File paperwork with government authorities based on your location.
• Obtain Necessary Licenses & Permits: Industry-specific and location-based regulations apply.
• Set Up Tax Accounts: Register for sales tax, employer tax, and income tax reporting.

3. Financial Setup & Management

• Open a Business Bank Account: Separate business finances from personal ones.
• Secure Funding: Loans, grants, or investors, based on the business needs.
• Set Up Accounting & Bookkeeping Systems: Use tools like QuickBooks or Wave for financial tracking.
• Create a Budget & Financial Plan: Establish pricing, expense tracking, and revenue forecasting.

4. Operational Steps

• Find a Business Location: Whether physical or digital, ensure it meets business needs.
• Hire Staff (if necessary): Recruit employees or contractors as per business operations.
• Develop a Marketing & Sales Strategy: Branding, advertising, and online presence setup.
• Launch Products or Services: Prepare inventory, establish supplier relationships, and finalize service delivery.

5. Business name

• If you form a corporation, then you’ll need to register your name to check it isn’t already taken, and to prevent anyone else from copying you.
• Search the corporate database to check your preferred company name hasn’t already been taken.
• Once you’ve decided on a name, you can apply for corporate name pre-approval, and then incorporate on the Government of Canada site.
• You can also apply to register a trademark, which protects combinations of letters, words, sounds or designs that are different from everyone else’s.
• Search the Canadian Intellectual Property Office trademark database to check your brand or logo isn’t already being used. Then either apply yourself or engage a trademark agent/lawyer to help you.
• Finally, choose and register your web domain names. You can register through a certified registrar but take care you don’t choose a name too close to another in the same or similar industry.