It is also the most expensive business structure type to start and to keep going because of regular legal, accounting, and filing fees that you will incur when operating an incorporated company.From the Business Development Bank of Canada: Incorporation is a process in which a separate legal entity, owned by its shareholders, is formed.They provide detailed financial reporting, and can help in leveraging their networks for marketing, promotions, and sales opportunities.
The primary federal grant body that you will want to register with is FACTOR.
There, you will create an Applicant Profile for your company, and Artist Profiles for the artists you work with.
Because of the costs associated with operating a corporation, it is often recommended that you not incorporate until you are generating $50,000-$75,000 in revenues annually.
REGARDING BUSINESS NAMES: For all three business structure types, you will need to do a name search at the provincial level (and possibly the federal level if you decide to incorporate federally) if you intend to use a name other than your own for the business.
So, you’re a budding entrepreneur, or an artist who wants to release your own music? Starting a record label can be a great way to help yourself, or others, put new music out in to the world.
Here’s a comprehensive list of the things you’ll need to do to get started.The revenues and expenses of the sole proprietorship are accounted for with any other personal income or expenses you might have.For this business structure, you will have to register a business name if you intend to run your label under a name other than your own.Fees for name registration vary province-to-province, but it is generally inexpensive.ii) Partnership – Similar to a sole proprietorship, except that there are two or more partners.In Canada there are three distinct business structures, each with their own sets of benefits and requirements: i) Sole proprietorship – The most common structure for new businesses.In a sole proprietorship, the business and the operator are one and the same in the eyes of legal and tax authorities.For example, I am @nigelpjenkins on both Twitter and Instagram.This makes it easier for people to find you across platforms.Writing a business plan before setting out on any new venture will force you to think in detail about your business, its strengths, weaknesses, and objectives.Writing a plan will help you to manage your business effectively from the beginning, and give you the best possible chance of success.