Sole Proprietor or Corporation

This week has been a productive week for me.  I am putting the trip planner together.  Even though I had planned to publish my book at the end of March, I’m not ready to do so yet.  BUT, I have attended to a few things.

The first thing is all of my illustrations are complete!  I am super happy about that!  It definitely took a lot of time, but I am happy with the result.

The second thing is I have chatted with a lawyer. I do not personally know of any lawyers, so I searched online, and found a Toronto Business and Trademark Lawyer.  He gave me a free 20 min phone call/consultation.  His recommended for me to keep my business as a sole proprietor model right now. That’s because I am starting off, and that it will be easier for me to set things up.  He also said that I can do the business setup on my own. I don’t know any accountants either, so I asked him for recommendations.  He recommended me to someone, and I quickly arranged for a meet up.

I was going to meet up with the accountant yesterday, but because of a big snowstorm, I ended up chatting with him on the phone instead.  He said that the decision of the business model depends a lot on my present financial situation right now, and what my goals are down the road.  If I am serious about doing this, then setting up a corporation may be something I want to think about. He also gave me explanations about the tax structures, etc.  I felt a bit overwhelmed talking to him. Solely because I HAVE NO IDEA about running a business.  It sounds very scary, and I feel like I am going to make a mistake somewhere.  But I have to say that this accountant is very helpful, and he seems to know what’s going, and most importantly, I know if I need anything, I can depend on someone.

So right now, my question to myself is, do I want to setup my business as a sole proprietorship? Or do I want to incorporate my business?



Category: Self-Publishing

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