Seniors Help on new bussiness registration

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bheekhoo
Member since: Apr 07

Posts: 12
Location:
Post ID: #PID

Posted on: 08-10-07 00:08:14

1. Sole proprietor-running business under his own name, is not required to register his business name.
2. If sale is less than $30,000 a year. GST number registration is not mandatory.
If these two statements are, true how to open a business account without documents. Can we use the regular savings account to deposit business cheques? Moreover Report the business income in your tax returns.
Senior Desis, Please advice.

dp_jain
Member since: Jan 04

Posts: 418
Location: Brampton
Post ID: #PID

Posted on: 08-10-07 15:50:05

Sole proprietor without a business name can use personal bank account. However, as an accountant I do suggest to open a separate personal bank account just for business transactions. Bank will not open a business account until a name is registered. It is advisable to register a business name and open a business account.

Hope it clarifies.

DP Jain

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DP JAIN, CPA, CGA, CPA (US), CA(I), LL.B.(I)
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bheekhoo
Member since: Apr 07

Posts: 12
Location:
Post ID: #PID

Posted on: 12-10-07 10:30:00

Thanks for reply.
I wish to know is it ok not to register if you have only 10 transactions in a year (Bussiness is very small and is not likely to grow)

dp_jain
Member since: Jan 04

Posts: 418
Location: Brampton
Post ID: #PID

Posted on: 20-10-07 07:10:50

It depends on individual comfort and the way one thinks. But, legally, yes, it is ok.

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