Starting a Business: The Necessary First Steps

If you’re planning on starting or have recently started a business in BC, you’ll soon discover that there are many necessary initial steps to take in order to successfully continue operations.

These steps include business structuring, permits and licensing, business accounts for tracking and reporting purposes, contracts and agreements, bank accounts, patent or trademark registration, and compliance obligations related to operating in a specific jurisdiction. Finally, the industry your business operates in may pose additional legal concerns.

Once you’ve formulated your business idea, evaluated the idea, performed market research, and have a business plan ready, it’s wise to consider retaining professional advisors. In general, most businesses require a lawyer, an accountant, and a banker. Although you’ll have a firm understanding of how your business is going to operate, there are many behind-the-scenes requirements that need to be met, such as tax, legal, and regulatory requirements that affect common business activities such as onboarding employees or contractors.

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To learn more about important considerations and information on starting a business in BC, download our in-depth guide.

More topics for start-ups to consider:

Business Structure

One of the very first steps of starting and running a business is choosing a legal structure for your business.

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Starting a new business comes with many challenges, such as finding a space to operate.

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Shareholders’ Agreements

Shareholders should enter into a shareholders’ agreement in the early stages of starting a business.

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At some point in your business’ lifecycle, you’ll probably need cash exceeding what your business is able to generate.

learn more


About Fraser

Fraser Hartley has worked with clients on a range of transactional matters, with a focus on corporate financings, mergers and acquisitions and financial restructurings. In addition, he provides advice on corporate governance and securities compliance issues and general corporate and commercial matters.

Fraser has acted for domestic, U.S. and international public and private companies and has significant experience acting for financial institutions in public and private capital markets transactions, secured lending and acquisition financings.

Prior to joining EKB, Fraser worked at an international law firm based in New York, practising U.S. law and also as legal counsel at a major U.S. investment bank supporting capital markets transactions.