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Converting small business to corporation to limit liability
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I run a small business in Canada, and am starting (after 3 years) to turn a decent profit (i.e. for 8 hours work per week, I'm pulling in about $12,000.00 CAD). I mainly run this business as I work in a high-tech day job where layoffs are common (i.e. serial startups), and I want to have something to fall back on should I be between jobs and need to pay the rent.
I'm planning on converting this business from a sole proprietorship to a corporation since the new work I plan to do in my business could expose me to considerable liability, and I don't want my house to be available to creditors or customers to sue me out of.
Assuming I have "slow" years, how do I best, legally, put my own money into my corporation, and am I able to expense/deduct my contributions/loans to my corporation?
expenses
asked 10 mins ago
Roman D
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up vote
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down vote
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I run a small business in Canada, and am starting (after 3 years) to turn a decent profit (i.e. for 8 hours work per week, I'm pulling in about $12,000.00 CAD). I mainly run this business as I work in a high-tech day job where layoffs are common (i.e. serial startups), and I want to have something to fall back on should I be between jobs and need to pay the rent.
I'm planning on converting this business from a sole proprietorship to a corporation since the new work I plan to do in my business could expose me to considerable liability, and I don't want my house to be available to creditors or customers to sue me out of.
Assuming I have "slow" years, how do I best, legally, put my own money into my corporation, and am I able to expense/deduct my contributions/loans to my corporation?
expenses
asked 10 mins ago
Roman D
1
New contributor
Roman D is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
1
I'm voting to close this question as off-topic because it's about running a business, not workplace.
– DJClayworth
8 mins ago
Hi Roman. Thanks for contributing here. However this site is for workplace issues, like interactions between employees and employers. It's not about running a business. Sites dedicated to small businesses have unfortunately not probed to be viable here. Please feel free to ask and answer other questions here.
– DJClayworth
6 mins ago
VTC - Off topic here. Consult a lawyer is your best bet.
– Mister Positive
1 min ago
add a comment |Â
up vote
-2
down vote
favorite
up vote
-2
down vote
favorite
I run a small business in Canada, and am starting (after 3 years) to turn a decent profit (i.e. for 8 hours work per week, I'm pulling in about $12,000.00 CAD). I mainly run this business as I work in a high-tech day job where layoffs are common (i.e. serial startups), and I want to have something to fall back on should I be between jobs and need to pay the rent.
I'm planning on converting this business from a sole proprietorship to a corporation since the new work I plan to do in my business could expose me to considerable liability, and I don't want my house to be available to creditors or customers to sue me out of.
Assuming I have "slow" years, how do I best, legally, put my own money into my corporation, and am I able to expense/deduct my contributions/loans to my corporation?
expenses
asked 10 mins ago
Roman D
1
New contributor
Roman D is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
I run a small business in Canada, and am starting (after 3 years) to turn a decent profit (i.e. for 8 hours work per week, I'm pulling in about $12,000.00 CAD). I mainly run this business as I work in a high-tech day job where layoffs are common (i.e. serial startups), and I want to have something to fall back on should I be between jobs and need to pay the rent.
I'm planning on converting this business from a sole proprietorship to a corporation since the new work I plan to do in my business could expose me to considerable liability, and I don't want my house to be available to creditors or customers to sue me out of.
Assuming I have "slow" years, how do I best, legally, put my own money into my corporation, and am I able to expense/deduct my contributions/loans to my corporation?
expenses
expenses
asked 10 mins ago
Roman D
1
New contributor
Roman D is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked 10 mins ago
Roman D
1
New contributor
Roman D is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked 10 mins ago
Roman D
1
New contributor
Roman D is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked 10 mins ago
Roman D
1
asked 10 mins ago
Roman D
1
1
New contributor
Roman D is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
New contributor
Roman D is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
Roman D is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
1
I'm voting to close this question as off-topic because it's about running a business, not workplace.
– DJClayworth
8 mins ago
Hi Roman. Thanks for contributing here. However this site is for workplace issues, like interactions between employees and employers. It's not about running a business. Sites dedicated to small businesses have unfortunately not probed to be viable here. Please feel free to ask and answer other questions here.
– DJClayworth
6 mins ago
VTC - Off topic here. Consult a lawyer is your best bet.
– Mister Positive
1 min ago
add a comment |Â
1
I'm voting to close this question as off-topic because it's about running a business, not workplace.
– DJClayworth
8 mins ago
Hi Roman. Thanks for contributing here. However this site is for workplace issues, like interactions between employees and employers. It's not about running a business. Sites dedicated to small businesses have unfortunately not probed to be viable here. Please feel free to ask and answer other questions here.
– DJClayworth
6 mins ago
VTC - Off topic here. Consult a lawyer is your best bet.
– Mister Positive
1 min ago
1
1
I'm voting to close this question as off-topic because it's about running a business, not workplace.
– DJClayworth
8 mins ago
I'm voting to close this question as off-topic because it's about running a business, not workplace.
– DJClayworth
8 mins ago
Hi Roman. Thanks for contributing here. However this site is for workplace issues, like interactions between employees and employers. It's not about running a business. Sites dedicated to small businesses have unfortunately not probed to be viable here. Please feel free to ask and answer other questions here.
– DJClayworth
6 mins ago
Hi Roman. Thanks for contributing here. However this site is for workplace issues, like interactions between employees and employers. It's not about running a business. Sites dedicated to small businesses have unfortunately not probed to be viable here. Please feel free to ask and answer other questions here.
– DJClayworth
6 mins ago
VTC - Off topic here. Consult a lawyer is your best bet.
– Mister Positive
1 min ago
VTC - Off topic here. Consult a lawyer is your best bet.
– Mister Positive
1 min ago
add a comment |Â
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Roman D is a new contributor. Be nice, and check out our Code of Conduct.
Roman D is a new contributor. Be nice, and check out our Code of Conduct.
Roman D is a new contributor. Be nice, and check out our Code of Conduct.
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1
I'm voting to close this question as off-topic because it's about running a business, not workplace.
– DJClayworth
8 mins ago
Hi Roman. Thanks for contributing here. However this site is for workplace issues, like interactions between employees and employers. It's not about running a business. Sites dedicated to small businesses have unfortunately not probed to be viable here. Please feel free to ask and answer other questions here.
– DJClayworth
6 mins ago
VTC - Off topic here. Consult a lawyer is your best bet.
– Mister Positive
1 min ago