I'm going to use this blog as a diary for my successes, failures and lessons learned in starting a new business. The business plan is still a little 'loose' in my head right now - but ultimately, it will be property management and acquisition. Particularly multi-family real estate, starting with a triplex of fourplex to be selected.
I've been mulling this over for quite some time, and finally have enough cash saved up for a downpayment on a max leverage mortgage. So, while this has been going a while, today is the first day of 1*****9 Ontario Ltd's life. We'll call September 14th day one. We'll have some incubation posts, later.
For now... the fun and games of incorporation.
At the advice of some friends who have done this sort of thing in the past, I skipped the lawyer's office (and attendant fees), the online 'helpers', and did it myself. I'm glad I did - it was just that easy. The Service Ontario website is a little clunky, but ultimately directed me to the forms to fill out (in duplicate), and the address of the Companies and Personal Property Security Branch of the Ministry of Government Services.
Shockingly, for a government office, it took me longer to walk there on my lunch break than it did to file. Forms were all filled out and signed, brief covering letter issued, and $360 later, I was the proud owner of the company.
If I'd wanted a real name, and not just a number, a visit upstairs to do a "NUANS" search (confirming the name wasn't already registered) and another $10 would have taken care of it. For now, this company is simply a shell that will hold the first property.
