If you are planning on starting, or have recently started a business in British Columbia, you will soon discover that there are many necessary initial steps you must 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, compliance obligations related to operating in a specific jurisdiction, and finally the industry your business operates in may pose additional legal concerns.
Once you have formulated your business idea, evaluated the idea, performed market research, and you have a business plan ready, it is wise to consider retaining professional advisors for your business. In general, most businesses require a lawyer, an accountant, and a banker. This is because, although you will 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, which affect common business activities such as onboarding employees or contractors.