These are some of the most common mistakes made by start-up businesses. Let me help you avoid making these costly mistakes:
- Failing to register for a GST/QST account on time. Loss of input tax credits;
- Failing to put proper payroll procedures in place and registering for Deduction at Source government accounts. Loss of deductibility of salaries;
- Picking the wrong type of organizational structure;
- Failing to put shareholder and partnership agreements in place to avoid costly court disputes in the event of separation;
- Selecting professional help whose fees are too high and therefore put a strain on the financial capabilities of the start up.