Entrepreneurship & Small Business

Incorporated my company today, what's next?

  • Last Updated:
  • Jun 3rd, 2018 10:36 pm
[OP]
Newbie
May 26, 2018
39 posts
2 upvotes

Incorporated my company today, what's next?

I just incorporated my company today using the DIY guide posting in the forum. Me and my spouse are 2 directors of the company. We are planning to take dividends instead of salary from the corporation. What steps should I follow next ? Share holder's agreement, by laws etc..? Do we just open a bank account and both deposit some cash in it to show that we purchased the shares?

I will highly appreciate any help.
7 replies
Sr. Member
Nov 13, 2006
886 posts
492 upvotes
Nbrocks wrote:
May 29th, 2018 9:09 pm
I just incorporated my company today using the DIY guide posting in the forum. Me and my spouse are 2 directors of the company. We are planning to take dividends instead of salary from the corporation. What steps should I follow next ? Share holder's agreement, by laws etc..? Do we just open a bank account and both deposit some cash in it to show that we purchased the shares?

I will highly appreciate any help.
1. open a bank account
2. set up an agreement that will govern any management fees and payouts of profits
3. start running the business
[OP]
Newbie
May 26, 2018
39 posts
2 upvotes
Smiling Face With Smiling Eyes hehe. My business is already running. Just changes from sole proprietorship to corporation.
[OP]
Newbie
May 26, 2018
39 posts
2 upvotes
Do me and my spouse have to show us some proofs of buying 50% shares of company?
Sr. Member
Nov 13, 2006
886 posts
492 upvotes
Nbrocks wrote:
May 30th, 2018 8:29 pm
Do me and my spouse have to show us some proofs of buying 50% shares of company?
no.
Deal Addict
User avatar
Aug 15, 2015
1328 posts
169 upvotes
Markham, ON
Did the two of you celebrate over lunch? That receipt is proof!
Deal Addict
Apr 2, 2008
1125 posts
205 upvotes
Nbrocks wrote:
May 29th, 2018 9:09 pm
I just incorporated my company today using the DIY guide posting in the forum. Me and my spouse are 2 directors of the company. We are planning to take dividends instead of salary from the corporation. What steps should I follow next ? Share holder's agreement, by laws etc..? Do we just open a bank account and both deposit some cash in it to show that we purchased the shares?

I will highly appreciate any help.
No more income splitting since Jan 2018, you missed out..... Except now you need to pay thousands to your lawyer and accountant...Every year....

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