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Casual Articles - Creditor Proofing Your Business - Tips fo Canadian Business Owners
Is it bad that we secretly wish we were wealthy?Do you often dream about not having to rely on other people for your financial well being?Yet, as much as we secretly dream of being rich and even the wealthy lifestyle, we are often confused by our motivation for such good fortune.I'm sure you'll agree, wealth for pure wealth sake can be perceived as greed and that's one of the most negative words of the 20th centuries.The very thought that greed is
For decades, businesses and factories monitored the working hours of their employees using time clocks. A particular favorite was the punch card system, where the employee had to insert their card into the time clock, so their hours could be stamped on the card. The payroll officer would then collect these cards each week and pay the employees accordingly.It's a simple system, but unfortunately it's also very easy to cheat. Joe Bloggs is a bit late today? That's ok
Debtors completing their bankruptcy/ proposal often wish to start up another business sometime in the near future. The expected question then arises: how can they creditor-proof themselves in the event that their new business fails? Here are some ideas:
1. Consider incorporating the business. Incorporation will provide the owner with a level of creditor protection - most of a corporation's obligations are limited to its assets so this structure can provide protection for personal assets. This structure also has income tax benefits, which will not be discus
BackgroundUnited States district court, northern district of California was the start of Verisign’s (“the Company”) class action complaint for a violation of securities laws. Plaintiff, James H. Harrison Jr., on behalf of himself and all others similarly situated filed vs. Verisign, Inc., Stratton D. Sclavos, Robert J. Korzeniewski, Dana L. Evan and Quintin P. Gallivan. The “class” period is for people who purchased shares of the company between Janu
Debtors completing their bankruptcy/ proposal often wish to start up another business sometime in the near future. The expected question then arises: how can they creditor-proof themselves in the event that their new business fails? Here are some ideas:
1. Consider incorporating the business. Incorporation will provide the owner with a level of creditor protection - most of a corporation's obligations are limited to its assets so this structure can provide protection for personal assets. This structure also has income tax benefits, which will not be discu
We are seeing a drying up of consumer dollars in our markets. But remember the dollar is only an instrument of trade; it is merely a leveling point for evaluation. The dollar creates intrinsic value in everything we desire based on the value we and everyone else in a market sector places on that item in relation to a predetermined unit price of a fixed and stable instrument. So whereas the dollars in the market become scarce, as a small businessperson why not simply revert to
1. Consider incorporating the business. Incorporation will provide the owner with a level of creditor protection - most of a corporation's obligations are limited to its assets so this structure can provide protection for personal assets. This structure also has income tax benefits, which will not be discu
In the old days, stuffing your web pages full of the same keyword was a guaranteed way to boost your web site to the top of the search engines. However, in the Web 2.0 world, search engines are smarter, and the old tricks won’t get you anywhere.If you read many blogs or forums, you have probably seen plenty of debates about keyword density.Many people believe that Google likes a keyword density of two to three percent, while Yahoo and MSN prefer six to eight per
1. Consider incorporating the business. Incorporation will provide the owner with a level of creditor protection - most of a corporation's obligations are limited to its assets so this structure can provide protection for personal assets. This structure also has income tax benefits, which will not be discu
In the HBS Digest, we discussed getting a business up and running. We took a couple of steps a month and by the end of the year we had our grand opening for our business. In this article we will discuss nine succinct steps to put you on the path to success with your own business start up. First, you need to make up a plan and then pick out a couple of things to accomplish each month. Second, you need to define your short term goals. Yes long term goals are important
2. Always pay statutory debt on time, specifically:
- Payroll source deductions;
- Goods and Services Tax collected;
- Provincial Sale Tax collected; and
- Employee wages and vacation payable.
In Ontario (and in certain other provinces), corporate directors can be personally responsible for these debts, notwithstanding that the business is incorporated.
3. If the owner is using his or her own funds to invest in the company, it's advisable to do so in the form of a loan to the company secured by a charge over the assets. A lawyer sho
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