| ▲ | wahnfrieden 10 hours ago | ||||||||||||||||||||||
Can you give more details? I'm simply a sole proprietorship in Canada so not sure what I'm getting myself into. | |||||||||||||||||||||||
| ▲ | StayTrue 9 hours ago | parent | next [-] | ||||||||||||||||||||||
Don’t worry too much. I’ve incorporated in AB and BC. Neither is difficult to setup or maintain. My regulatory burden amounts to about one weekend of effort per year including corporate tax filings. That’s a baseline. Harder if you employ a team (not just subcontractors) or in regulated industries where you might have environmental compliance or similar. | |||||||||||||||||||||||
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| ▲ | steve_adams_86 8 hours ago | parent | prev [-] | ||||||||||||||||||||||
I think some things could make your work far easier than mine, but in my case there are a lot of hoops to jump through. I initially wanted to bootstrap myself in my garage, but discovered over time that this is essentially illegal and I'm required to operate out of a business address. This is also virtually forced on me because there are a variety of compounds I can't order without a registered business and accompanying business address, which is manually verified. Fine, I totally get regulations around hazardous chemicals, though in my case it seems excessive. But, if I were to summarize the things that have been most frustrating:
It probably sounds like I don't understand what regulations are for and I hate red tape, but that's not the case at all. I think small businesses are disproportionately slammed by some of the requirements they create, though. I also wonder if there are blanket policies which cause some people to be pressed much harder than necessary. It makes you wonder if any of it is worth it at all.Again though, if you just go around repairing things or you provide software services, your life will be orders of magnitude simpler. I used to have a sole proprietorship here in BC providing software consulting services, and it was fine. I had one tax hiccup in something like 10 years, and it wasn't a big deal. I rarely had to think about it. I do wonder if this friction could be part of why Canada arguably has a lack of interest and innovation when it comes to producing material goods. It's genuinely a pain in the ass to be allowed to do it by the books, and to continue operating accordingly. Caveat: I could be lazy and stupid | |||||||||||||||||||||||
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