Checklist for incorporating a new business in Canada

Corporate Registry Services and Trade Mark Agents

Questions, questions, questions... there always seem to be more questions than answers. But that is usually because you, the entrepreneur, are the only one who can answer them. Take some time to review this list and answer the questions. In many cases you may find that you now need to go and do some further research or obtain more information. But that's OK... better now than later!.

Have you established relationships with advisors (i.e. lawyer and accountant)?	Yes	No
Have you chosen the form of business organization most appropriate for your needs (sole proprietorship, partnership, incorporation etc.)?	Yes	No
If you will operate as a partnership, have you drawn up a proper agreement? If you will operate as a corporation, have you registered the necessary documents? (i.e. articles of incorporation bylaws & shareholders agreement, etc.)	Yes	No
Does your shareholders agreement provide for: - death of one or more shareholders - physical or mental disability - outside offers to purchase the shares - irreconcilable conflict - termination of employment and resignation - retirement - key person insurance/business insurance	Yes	No
Have you registered your firm's name and trade marks you will be using?	Yes	No
Have you protected unique inventions, processes, or designs used by your firm with patents, etc.?	Yes	No
Have you insured your business against major risks it faces?	Yes	No
Have you discussed your preliminary financial needs with your banker?	Yes	No
Have you negotiated necessary contracts with franchisees, suppliers, etc.?	Yes	No
Have you negotiated lease agreements for premises and/or equipment?	Yes	No
Have you developed a workable system of records management? (sales, purchases, personnel, inventory)	Yes	No
Have you complied with the legal requirements affecting your type of business?	Yes	No
Licensing requirements - Health and fire regulations - Transportation regulations - Environmental and Labour legislation	Yes	No
Have you developed a business plan?	Yes	No
Do you know enough about this business to operate it effectively?	Yes	No
Have you worked in this type of business and experienced the practical problems that may be encountered? If not, can you fill the gaps in your knowledge?	Yes	No
Have you set objectives for the various parts of your business?	Yes	No
Have you broken the objectives down into achievable projects with a practical timetable for completion?	Yes	No
Have you assigned responsibilities for meeting these objectives to key personnel?	Yes	No
Have you set out reporting procedures that enable you to monitor progress toward these objectives?	Yes	No
Have you developed an appropriate credit policy for customers?	Yes	No
Have you established a procedure to collect your receivables?	Yes	No
Do you feel confident in your ability to deal with customers?	Yes	No
Have you developed a way to repair and replace your fixed assets?	Yes	No
Have you developed an inventory control system?	Yes	No
Have you established contracts with the suppliers your firm will be dealing with?	Yes	No
Have you established a procedure for purchasing inventory, equipment and supplies?	Yes	No
Do you have alternative sources of supply for major purchase requirements?	Yes	No
Have you developed an accounts payable procedure?.	Yes	No
Have you established credit terms with key suppliers (payment terms, credit limits, discounts and finance charges)?	Yes	No
Can you manage your own time commitments to the business?	Yes	No
Does your product or service fill a real market need?	Yes	No
Have you specifically defined the market segment for your product or service?	Yes	No
Is this market segment large enough to support your business at start-up and for the long term?	Yes	No
Are you able to truly differentiate your business from your competition?	Yes	No
Does your product or service offer advantages over those of competitors?	Yes	No
Does this market have good potential for future growth?	Yes	No
Do geographical or environmental factors limit this market?	Yes	No
Will this market be affected by demographic changes in the future?	Yes	No
Will competitors affect your share of this market? Is the market accessible through existing advertising media at an affordable cost?	Yes	No
Have you determined how you will promote your products? Have you determined which advertising media are most suitable?	Yes	No
Have you determined what selling methods and techniques to use?	Yes	No
Have you developed pricing that is appropriate for the market and for your costs?	Yes	No
Have you determined the best methods of distributing your product in this market?	Yes	No
Have you determined your potential return on investment in this business?	Yes	No
Is it an acceptable figure?	Yes	No
Have you determined the amount of capital you need to start the business?	Yes	No
Have you determined how much of this capital you can raise on your own?	Yes	No
Have you enough ready cash to pay your bills during the early months?	Yes	No
Have you allowed for monthly operating expenses in your financial planning? (rent, utilities, etc.)	Yes	No
Have you allowed for a reasonable income for yourself?	Yes	No
Have you determined your borrowing requirements for start-up and the first year?	Yes	No
Have you completed a projected balance sheet, income statement, and cash flow for the first year of operation?	Yes	No
Have you established a credit rating?	Yes	No
Have you determined what employees you need to start the business?	Yes	No
What additional employees will be hired in the event of growth?	Yes	No
Have you prepared and determined qualifications and specifications for each position that must be filled?	Yes	No
Have you prepared full job descriptions for key positions in the organization?	Yes	No
Do you know how to find the people you need to fill these positions?	Yes	No
Have you given thought to the practices and methods you will use to hire/fire?	Yes	No
Are they legal?	Yes	No
Are you familiar with the Labour Code?	Yes	No
Have you established a policy on wages and salaries? Have you made decisions on employee benefits, including pensions, group insurance, profit-sharing, etc.?	Yes	No
Have you developed a method for evaluating your employees' performance?	Yes	No
Do you have the skills to lead and motivate your employees?	Yes	No
Have you established a corporate philosophy that is basic enough for your employees to follow?	Yes	No
Can you communicate effectively with employees? If not, can you develop this skill?	Yes	No
Have you applied for your business number? (the GST Registration #, Revenue Canada Employer # and all other government numbers have been amalgamated into one number)	Yes	No
Have you chosen a location accessible to a good market for your product/service?	Yes	No
Do potential customers live close to this location? Is there sufficient automobile and pedestrian traffic here to support your business?	Yes	No
Are there competitors close to this location? Are the employees you need available at this location?	Yes	No
Are there any legal restrictions that might affect your business at this location?	Yes	No
Does this location have access to basic services - Electricity, Water, Sewer, Gas?	Yes	No
Can you ship products easily from this location via truck, train, air or ship?	Yes	No
Is the neighbourhood improving or declining? Is there police and fire protection in this area?	Yes	No
Does this location allow for the future growth of your business?	Yes	No
What about property and business taxes here?	Yes	No
Are they reasonable now and will they increase in future?	Yes	No

After considering all of the above you now need to find a Good Name for your business. If you are thinking of starting a new business in Canada then you will need both a business name and a domain name. To assist you we ahve developed a Canada wide Free NUANS pre-screen search report to see if your proposed trade, domain or corporate name is available.

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