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?