Starting a Business: 5 Essential Steps After Incorporation

Congratulations, you've taken the leap and launched your business!

You've incorporated, which is a major milestone in your entrepreneurial journey. However, this is only the beginning. Several steps and documents are still required to ensure your business is fully compliant and properly structured.

Here are the five essential steps to follow after creating and incorporating your business.

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1. Keeping Your Minute Book Up to Date After Incorporation

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The first step is to draft your minute book and keep it up to date. This document brings together all the legal and administrative information related to your business. It serves as proof of its existence and traces its evolution over time.

It must be updated with every change, even a minor one. Here are a few examples:

• The arrival or departure of a shareholder
• The transfer or issuance of shares
• A change of director or registered office
• The appointment of a new officer
• A modification to the share capital

Your minute book is your company's legal memory. Neglecting it can cause problems during an audit, a financing round, or a sale.

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2. Registering Your Incorporated Business with Government Files

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Once incorporated, it's important to make sure your business is in good standing with government authorities. Depending on your industry, certain registrations may be mandatory:

• Obtain a Quebec Enterprise Number (NEQ) and your GST/QST numbers from Revenu Québec or the Canada Revenue Agency.
• Register as an employer if you plan to hire staff.
• Check the permits and licenses required to carry out your activities (for example, in food service, construction, or professional services).

These steps ensure your business operates legally and meets its tax obligations.

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3. Drafting Your Essential Contracts for Your New Business

Starting a business means putting contracts in place. This is a key step to protect your business, your partners, and yourself.

Fortunately, Lexstart supports you in drafting these documents right from the launch of your business.

• Service contracts: these govern your relationship with external providers (freelancers, consultants, agencies, etc.). They set out each party's obligations, the nature of the work, compensation, and delivery terms.
• Employment contracts: these define the rights and duties of a salaried employee, including position, salary, hours, vacation, and confidentiality clauses.

If your business was founded by more than one person, it's strongly recommended to draft a shareholders' agreement.

This document sets the internal rules between partners: share management, key decisions, a shareholder's entry or exit, profit sharing, and dispute resolution terms. In short, the shareholders' agreement is an essential tool for avoiding conflict and ensuring your business's long-term stability.

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4. Setting Up Your Business Accounting with Bankeo

Once your business is incorporated, setting up solid accounting becomes a priority. This step allows you to track your company's financial health, meet your tax obligations, and plan your growth with peace of mind.

To simplify this process, some companies specialize in connecting you with qualified accountants suited to your business realities. This is the case with Bankeo, a Quebec platform that connects entrepreneurs with professionals matching their needs, in less than 48 hours and free of charge. In just a few clicks, you describe your situation and Bankeo puts you in touch with the accountants best suited to your business reality.

Having an accountant from the start is essential. They help you structure your compensation (between salary and dividends), prepare your tax filings, maintain your bookkeeping, and anticipate your obligations to tax authorities. Well-established accounting from the outset helps you avoid costly mistakes and lay solid financial foundations for your business's growth.

Thanks to Bankeo, this step becomes simple, fast, and accessible, letting you focus on what matters most: growing your entrepreneurial project.

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5. Protecting Your Brand After Starting Your Business

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It's now essential to protect your brand identity. The name, logo, or slogan you've created represent your business's value and recognition in the marketplace.

To prevent them from being used or copied by others, it's recommended that you register your trademark with the Canadian Intellectual Property Office (CIPO). This process grants you exclusive rights to use it across Canada and allows you to protect your most strategic assets.

Lexstart can support you through the trademark registration process to ensure your application is complete, compliant, and legally sound.

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Conclusion

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Incorporating is a major first step, but it's only the beginning.

Keeping your minute book up to date, managing your accounting, drafting your contracts, and protecting your brand are all essential actions to ensure your business's stability and growth.

With Lexstart and partners like Bankeo, you have the right tools to build a solid, compliant business from day one.

So to find the right accountant, click here.

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