Boost Profit Sharing Agreement Legitimacy with Online Signatures in Canada

How to eSign a document: online signature legitimateness for Profit Sharing Agreement in Canada

okay so you're clearly clicking on this video because you have a desire you have a want you have a need you have a must to start an online business and you are in canada if you are not i'm sure you can still use the tips that you get here you could obviously gonna have to alter it ing to your country but you probably are from canada and i'm really excited to have you here we're gonna get into how to start a business online a few easy tips that you can start right now and right away let's get into the video hello hello just start gang it's shanique here from startwinks.com the home of the just start university 101 mentorship program for you new and inspiring christian online entrepreneurs so if you want to learn how to start a massive successful online business then be sure to subscribe to my channel or you can also follow me on instagram alright i know you're really eager to go and start a business online but i just want to make it very clear certain things that you want to know before you start um even if you just started you haven't started before or you've been starting for a few months or even a few years there are certain things that you may not know that i have to find out later on in my business and certain things that you may find online that is a must to do but for my my experience which all my videos are from my experience i am not a professional so you can definitely ask me questions but just know that there's something that i do not know ing to my own experience i'll definitely let you know to go ahead and contact professionals or also contact the government of canada because they'll obviously give you more of clear and defined instruction on how to start our business online but this video you're gonna get my personal experience you're gonna get what i did to start my online business both online and also give you some experience with my current cleaning business as well as a sole proprietor and uh just recently became incorporated and we'll get in that and then in this video i'm going to give you all those five very clear steps that you really want to go ahead and explore as you start your online business as a canadian and if you've already established these are some things that you may not know as well so be sure to stick to the end so you very clear as to what your next steps will be and to avoid any mistakes or any legal issues that you may or will get into if you don't correct right now so the first step the first thing you want to know when starting an online business in canada is that you can totally do it there is nothing stopping you but yourself canada is such a very welcoming country for anyone down to an immigrant to who's been here for years who you know canada is just loving and open and they will find a way for you to make an income as a business owner obviously because it generates for the economy so there are so many different things that you can do to start right now and start a online business there's grants there are you know different networking groups there are community centers the ymca certain non-profit organization are definitely here to help you as well so just know step one is that you can start and you should start right now you just call yourself a business owner okay you don't need to go through all the steps before you are officially a business owner once you place in yourself place in your mind that you are who you are you're it no one can take that from you obviously once you make your first sale then officially you're in business but tell yourself you are a business owner you do have a product or service that people want and you just place that inside you and everything will just come to place but number one just know you can start right now start right now canada is a great country to help you out and support you whether it be loans or grants just know you can start right this is a huge question that i've gotten on these two videos um this one is how to register with the cra please forgive me for the mix up in the video again i let you know that this is my personal experience so this one is to register with the cra which you don't necessarily have to do right now unless you are registering for hst number and then this one is how to register for a master business license which is your bare minimum depends on when you want to register okay so step number two is determining when and how to register your business so i'm going to be very honest this is my experience now i'm not a legal attorney i'm not you know part of the government and this is probably not the best advice i'm going to be very real with you is that i did not register my business until a few months in i wanted to determine if this was what i wanted to do if i was sold out for it if there was even a need i didn't want to register a business and waste 60 however i didn't take too long to register and while i was not registered i still kept my receipts because i know that when i get registered or you know i don't know what's going to happen next few months how much i'll make in profit or income just to make sure that i'm covered as i save my receipts all my invoices with my customers that in that time period if i ever were audited or if i did want to write off a few of my expenses that it was tracked so it'll be backtrack and give it to my accountant and whatever my account can do then they can do if they can't and they can't again that is my experience so i did not register my business right away when it came to my online business okay so when you have a local business that's another video in itself but right now we're going to focus on online i didn't register my coaching business for a while and then when i did i register as a sole proprietor for a few months again i'm not a professional and you can find so many videos online to let you know what is a sole proprietor what is the partnership and what is a corporation i did register as a sole proprietor first mainly because it is a bigger expense when you are incorporating all right so just to get myself in the door to get myself a business account which you need a business license number that's why i had to register for a social party minimum okay so i have my business expenses in my business account so doing the bare minimum that way a few months later i did incorporate it mostly because i was getting into different platform and when i incorporated when you are incorporated you are less liable you are two separate identity okay so this is just the basic as a sole proprietor you are the business and if anything happened you can be sue you as a personal as your personal assets you can be sued you could be penalized it's just you once you are incorporated you are two separate identities you have your company your corporation name and then me therefore i am the ceo and or the founder of this corporation i am not the corporation so if anyone wants to dispute or go against my corporation they're going against the name which i incorporate as godly boss blog and not even start with nick's and that's a different story but godly boss blog they have to deal with that lawyers know that has to be involved but i my personal assets are protected let me know any questions in the comments if you want me to clarify why i did that but just to summarize step number two in registration is determining how you're going to register your business online is it going to be sole proprietorship or is it going to be corporation i'm not really going to focus on partnership but if you're doing partnership just know you really want to make sure you're knowing who you're going into business with and you may want to also look into um lawyers as well even if it's friends or family especially if it's friends or family but again sole proprietorship i got my feet wet at first i maybe a couple of months i wasn't registered i made sure there was a need that i went to sole proprietorship solely because of the the money difference at 60 to get a business license and for me i invested 500 to incorporate my business so that is up to you however the moment you notice that there is a future in what you're doing that you definitely want to do this or you notice that you're getting more customers because you you still want to protect yourself like you you don't want to cheap out on protecting yourself your assets you don't want to cheap out on protecting others you want to make sure that you're not going to be in a really tough situation so eventually you do want to get yourself registered from my personal experience i didn't register right away okay so number three i just want to get a little bit more deeper on the sole proprietorship and the corporation i just want to emphasize that once you are online you are exposed to so much more people you have business worldwide now okay when you want to register your business again at first i've told people this because it's my personal experience but i let you know that i am not professional and it cannot be held a liable in this video you're choosing to use this advice by your own choice so for my personal experience as i sold online so i used etsy and i sold there for a few months i wasn't registered and i did not have any no incorporation or anything like that so i did sell here and there but it didn't stick so that's why i kind of say like see how it goes because if i were to register in that name it would have been a waste kind of thing but within three months i already knew that this was not going to be what i wanted to do and i left that however being online you are exposed to more people so the moment you know that this is what you want to do you've like you literally made the decision which i always always suggest that you do make a huge decision if you i have a desire to sell fashion if you have decide to coach and consult be a consultant then choose 100 that's what you want to do obviously um figure out the market where you're going to go and all that stuff but once you decide then you want to make sure you're registered and why you want to be incorporated then after like the second tip that i already mentioned i want to get back into that i want to repeat it is that it will definitely protect you that much more because you are being exposed uh throughout people around the world and they have different laws or everything like that so you do want to make sure that you are two separate um identities identities i'ma stop saying that word you want to make sure that you're too separate so that if anything happens it's just you they're not coming attacking your personal asset especially if you are you have family and you started this with your savings and all that stuff just know as you become bigger and you get more income and you get more exposure start looking into a corporation and don't cheap yourself out of that okay for all my canadians out there i'm actually gonna put a link in the description box of the website that i incorporated i didn't go the traditional route because i just don't have the time and this is especially because during covet things were closed down so it would take so long that i was developing an app and all that stuff so i just went to this website you guys check it down the description box and it was an extra 150 on top of the original price but so helpful okay they don't even know i'm making this video i should be a have affiliate link for that but so helpful so kind i felt very at peace giving the extra hundred dollars for the work that they're doing and it's like within a few hours you are incorporated you are a ceo you are founder of a corporation okay keep that in mind when you're incorporated you are protected that much more and for write-offs and taxes a huge benefit as well but there's also a lot of extra stuff just know you're always gonna have to deal with the government and the laws and all that stuff but just make sure you're educated but cooperation is a great way to go all righty so tip number four or step number four tip advice where you to go number four is to make sure you are tracking your income and that you know how fast you can grow in your business okay someone who sells seven dollar items online depending on how you set up your program and your systems that may take a lot longer to reach your first 30 000 than someone who sells online courses at 400 a piece could obviously make the 30 000 a lot faster okay so just know what your industry is how fast you make that money because then in canada the moment you make thirty thousand dollars you must now enroll for hst number must you cannot be making more than 30 000 in a quarter okay so i personally my experience again my advice the moment i make 30 000 i will definitely go ahead and get at hst because it's just gonna just boom from there just have that mindset but technically it's 30 30 000 within one quarter he made 20 000 from january to march and then made 10 000 in november at the end of the year then technically that is not 30 000 in one quarter it's just 30 000 within your year so you need to have 30 000 within one quarter my best practice and to keep myself safe is that the moment i make 30 000 i'm definitely going to get a hst number so right now i do not have hst number therefore i cannot charge taxes so just the other day my friend told me that one of her social peers or whoever she's been charging taxes for her services and she doesn't have a hst number so illegal like you cannot do that you can't do that it's not even the only way i'm going to like allow that which not the government would not allow that and maybe hopefully officials don't contact me to give it up if she is ignorant to the fact that there is so much trouble coming your way when you i obviously love everyone to be successful when you start making good amount of money per quarter and the cra wants to audit you and finds out that you've been charging taxes oh the amount of money that you're gonna owe is crazy okay so you cannot charge hst taxes if you do not have hst number okay again there's so many videos on youtube that you can get more clarity and watch what hst is what taxing is and how that all works but very very basic we as canadian citizen we must pay taxes okay so um whatever province you are it depends on the province ing to the amount that will come out on your taxes so when you charge a customer they initially will be charged a tax that tax would be 10 13 15 7 whatever it is that is the government you do not own that okay so the only mistake that i feel like this person may be thinking is that if i charge taxes i get more money that is not your money it is the government's money so if you are charging tax that should be directly out of your way that's not yours that's the government that is for your free health care that is for the roads being built that is for all that stuff okay well for you know all those things that this country has given us that is what the tax is for all right so you need to put that aside if you are not eligible to charge hst which you can definitely charge hst if you have a number at any point like if you want to start today and you want to say i want to charge taxes you can sign up for the cra and you can get a hst number it's just a little a lot more work but it's a good and a bad thing i personally right now i don't want to go through that right now so i'm not charging taxes whatever you want to do whether you want to wait to the first 30 000 in a quarter or you want to do right now you just cannot charge taxes unless you have that number you the government needs to know that you are registered with the cra so they can track how much taxes you basically have to pay if you are not charging hst like i am i have to put aside that 15 right so i still have to pay taxes everyone has to pay taxes so when i charge my customer it's a flat rate but i still have to pay taxes so the government is going to still tell me that if i charge my customer a hundred dollars and if my my um province is a 13 tax rate then i still have to put aside 13 for the government okay so if you are someone out there thinking that i'm supposed to charge hst it makes my business look legitimate but you do not have an hst number you are making a huge mistake and what you want to do is go back to all those invoices save them calculate the taxes because you are going to have to pay that back and again it all depends if you're registered and all that but i'm hoping and praying that you become successful and you don't want the cra to do an audit and backtrack all your invoices prior to and you just get shot down okay with a lot of money okay whatever you do get more information on whether or not you want to charge taxes and how to put aside your taxes because we are canadian citizens and we need to pay our taxes my huge advice and this is i'm going to this right now i don't know some of you may not know if you're new here please subscribe but i've been in my coaching business for just over a year now officially i've been coaching you know giving advice and you know learning about social media marketing for years and in management for years but officially i've been in business registered for a year now and the more you make more money more problems but you're just gonna have to make the investment because if you want to expand just have to cover yourself cover your expenses your liability make sure that you're creating a great experience for your customers as well and making sure that they're covered as well so the fifth advice is to make sure you have the right people behind you and what does that look like making sure that you have financial advisors all right so as you grow your business and you're dealing with the prices that are most of us especially coming from a full-time job we weren't seeing that much money and if you were you're still expecting to make more in your business so you may have not had a financial advisor you may not have have had a budget or a sales tracker all that stuff you need to start looking into that because you cannot be the same person starting a business you can't be the same person you were as an employee as a ceo that's not gonna work out and you're not gonna go far you you're gonna you're gonna involve and that's great you know there's growing planes to it but you want to look for a financial advisor all banks especially when you open up for your um business account so by the time you get to this step five you should have already know this is the business you want you should already know if you're a sole proprietor whether you are going to stay as a sole proprietor or you're going to go right into corporation you should know um you don't really need to know if you're going to charge hst or not right away but just know you cannot charge hsd without an agency number so when you get to the tech this step of getting a financial advisor when you do register for your business account that person is using a financial advisor and you can choose that person to start with the more you make more income i suggest to get someone who's more professional someone you actually want to build a partnership with because this is someone that is going to be managing your money so if you don't like this person or you don't trust this person for them to be taking the time to make sure that your money is managed correctly and it's placed in the right places if you want to think about investments as well then you want to find a financial advisor that will do so so whether you stay with that bank and you find a financial advisor in that institute or you go ahead and look for freelancers or other companies that will provide that service the next person that you want to look for is a lawyer when you become incorporated for me my experience i personally do not have a loyal right now because i'm looking for the right accountant especially before tax season so a lawyer is very beneficial the moment you want to start making policies and procedures start getting more exposure you are more platforms you start doing more collaboration you start working with subcontractors um on higher scales then you want to make sure you have a lawyer when you start doing trademarks you want to do copywriting on a higher scale then you want to make sure you have a lawyer okay so thinking about a lawyer really expensive so obviously if you're not making thirty thousand dollars that you don't wanna worry about lawyers right away but it's something that that you definitely have to consider as you scale up your business the next person that you want to figure out is a coach or a mentor so if you want to grow in your business you want to learn from someone who knows how to grow in a business right most of you are coming from a full-time job a job and you are starting this for the first time so if you think that you're going to be on youtube and piece together how to make a multi-million dollar company or your first 100k online it's not gonna work by yourself at all and even if you did by fluke by the time you make your first 100k you will lose that faster than anything else because you haven't learned from someone who've made the mistakes you haven't had someone guide you you haven't learned the traits the character the skills to get to the next 100k so you want to make sure that you are always being mentored and coached by a physical person someone on youtube is not going to be mentor or know your coach so you want to be in a group a mastermind you want to hire a mentor like myself he doesn't have to be expert in your industry but someone who got has the results or just personable that you trust and you want to learn from or you want them to teach you and help you get to the next level make sure you have a coach or mentor and the next person that you want to make sure that you have i mentioned briefly is an accountant so as fast as possible look for accountant but you're going to definitely need one by the time it's tax season if you're incorporated whatever month or season you made your tax a season for that corporation then you want to make sure you have your accounted for that but because you are a sole proprietor it the way you did tax before like h r block or tax bot or whatever those online programs are it's not gonna work and you you just wanna make sure you did everything correctly because if you make a mistake this year it could really affect you the year after when you file for your taxes again so accountants are expensive but if you want to start a business online you have to understand right off the bat there's going to be expenses don't make it scare you away because you're going to push you're going to get yourself out there you're going to make the sales it's a great investment you cover yourself and when you if you have a great accountant they will help you save on taxes okay so get yourself a good accountant whether it be from referrals shop around because you are hiring this person okay just know that every person that i mentioned you are hiring them and you have a choice to work with them right they obviously are the experts but you are going to choose them for a reason you may like them you may have a referral so don't just go to anybody and throw your money anywhere take your time and make sure that because again this is your baby this is your business this is your money and you want to make sure that person that you're working with gets you that understands you that wants to see you thrive that wants you to say that wants you to be protected so be sure that you are hiring people that are on the same page as you that's really there for you and down for you okay so the sixth step or advice of starting a business online as a canadian is it determine whether you're gonna have employees or not this is my personal opinion and this is something that my mentor also it and i definitely see why especially for a solopreneur you want to have less employees as possible under your first 100k and that may look different for your lifestyle okay so if you are single woman like myself that i may have more time to do things by myself but if you are a single mother if you are a mother of five i mean you take care of your elderly parents then you're gonna probably want more help right i still suggest less employees at first get subcontractors get freelancers um there's so many virtual assistants that are out there to help you to avoid actually hiring an employee for now because it's also going to save you on the whole benefits and all that stuff and hiring and you know being whatever employment laws you have in your country especially starting out you want to minimize that until you can afford those lawyers you know so you're making contracts correctly for employees that you have your accountant that you are making sure that you are taxing out your employees correctly and that there is um something that's going to track your employee records so that's that that's what comes with having an employee so when you have subcontractors when you have freelancers there are so many different softwares there's so many different um platforms that provide services that you can get graphics you can get video editors virtual assistants online without actually having to hire them as an employee but just subcontract them for the year for a couple of months whatever that looks like to you so my biggest suggestion would be starting out is to avoid thinking about employees until you're pretty established you're covered with your liabilities that you're incorporated i definitely highlight that your corporate by the time you get employees if you're looking for subcontractors and you're looking for freelancers and you're looking for other alternative than an employee and you can get a lot of these things um without having an employee but eventually you do want to have employees as you grow in your corporation seven is to always always always always always always always always keep track of your expenses your income coming in your invoices just have it all just have it all like i'm so paranoid with this i keep every receipt my situation is a little different because i'm i've incorporated but i'm also subcontracted outside my corporation so i keep my receipts for everything because eventually when i get to my accountant sorry accountant for whoever's going to take over my account because i am not a professional they are so i'm going to just throw all my receipts and let them know my invoices and like hey do your job because i know i'm paying you good money for this but you want to keep track of everything because the moment especially once you become incorporated cra is on you okay they want their taxes and they want to make sure that you're doing things correctly and there's again when you have a good account accountant they'll make sure they'll do the best they can to help you keep as much money and that the government doesn't suck you dry basically just make sure you have that all tracked your invoices especially if you're working with people you're a freelancer you provide services especially overseas just make sure everything is documented and um you have contracts done just have everything i am not the most organized person but i know that everything is kept somewhere and i'll find it when i need it but be as organized as you can keep track your income because you want to make sure that you don't hit your 30 000 without knowing and you're you're going over the 30 000 and you haven't registered for hst they do have a grace period but just cover yourself and make sure that everything's tracked then you're attract of your their income how would you know you hit your income goals if you do not have a clue of how much you're making in that month or that week or that day okay so be sure that everything is tracked all invoices obviously cash could be hidden under the rug no one needs to know that and please don't charge taxes on cash if you don't have a hst number all right and this is my last nugget and the reason why it's actually last because literally before i made this video i implemented it yeah that's my moment of vulnerability and truth it's having your terms and conditions written out private policy written it's having your cookie terms depending on what country you are you need to have that depending on country but because you're online you might as well have that most websites does have the opt-in to make sure that you have the cookie policy for that host so just use that but if you are going to use maybe affiliate links having some kind of term or condition on your website uh terms of service on your website because it's going to help you a lot you want to protect yourself by the shipping if it is it going to be who's who's a liable if the shipment is lost who's a liable if the customer put the wrong address so you want to make sure that there's a terms and condition on your website so when people go on your website the moment they shop they've already kind of opted into term or condition so if they ever want to come for you because there's a missing shipment and they want you to refund them you they could know actually ing to my terms and conditions that is not something that i'm liable for you're gonna have to deal with that with your mailing providers okay i don't suggest that you copy and paste someone else's terms or condition because that's also a part of their terms and conditions so if their terms in a condition is everything on their website is trademarked or copywritten if you copy and paste their terms and condition and they find out which i know someone who has had that happen the person called them out on it and they could have been sued they couldn't have served them and you don't want to be served all right for terms and conditions so the link in the description box is literally the easiest way for me without a lawyer right now okay so depends on how liable the products that you serve or the service that you provide how liable it is then you want to consider getting a lawyer but it's been a year for me in my business and i've worked for a few clients so where i am right now i'm not totally concerned about bringing in a lawyer but as i sell digital products and you know go on a higher scale i'll definitely be looking into a lawyer especially when it comes to trademarking and all my content being digitalized and being shared out there for you in your case online canadian online business owners having terms and conditions terms of service disclaimers especially if you are a content creator and you're sharing information that is your personal opinion and it's not actually you're not licensed you're you don't have a doctorate and you're talking about medical treatment all that stuff you want to make sure you have disclaimer letting them know that you are not a professional and that if anything happens by using your tips or your vices that they don't come to you instead it's because of your youtube videos because of the content in your blog i did this and now i have hives i don't know so they they cannot come and attack you or you'll hold you accountable just make sure that you have that terms condition so the link for the third time the link in the description it's like a online generator of making that it's pretty affordable you get it right away you just plug in a few of your information and you have your own terms and condition and i thought it was super helpful so i had to add this to this video be sure to continue to message me dm me on instagram at startwitneeks i am totally open to help you out but again i'm not a professional if i have to redirect you just now i'm doing out of love i want to make sure that you have the right information so everything here is experience disclaimer get it so what i would love for you to do though is to subscribe to my channel if you want to continue to learn how to thrive as an online business on instagram and steps to start a business and be sure to check me out on startwings.com if you ever need a mentor to help you thrive get your first a thousand dollars online using instagram because i got that for you in the meantime be sure to watch these two videos before my next week's video because i drop new videos every friday keep sharing the good news and keep up the great work i'll see you in my next video