I ended up incorporate my business! It was definitely a difficult decision. I will probably be putting in a lot of money at the end and not make a profit from it. But I still did it because I read that it would be very difficult to transition a sole proprietor structure to a corporation structure. Even though I have barely started, I do want this business to become bigger. That’s why I am doing it now.
I did the incorporation on my own. I found this article on how to do it myself. It’s surprisingly from Red Flag Deals. I was skeptical about this article to begin with. But I thought, if I can save money at the end of the day, then why not? So I followed the article step by step. From printing out the forms, to filling out the forms, to getting the NUANS name search, to going to the office to submit the application form… I followed it to a T. And now, my business is incorporated!!!!!!
Disclaimer: please don’t do this without your own research. I am not a lawyer or accountant, and I don’t know what is the best route for you. You need to do your very own research, and you need to understand why you want to incorporate your business. Speak to a lawyer and accountant before making your own decision.
Is it worth it doing it myself? For me, it’s not too difficult, and I think it’s worth it for me doing it myself. If you believe that this is the way you want to go, and want to save some startup money, then it may be worth it for you too! Speak to someone first before deciding, and if you’re going to do the same thing, let me know how it goes!