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Ulysses101
Ulysses101, Lawyer
Category: Canada Law
Satisfied Customers: 3360
Experience:  11 years experience in Canada family law, plus criminal, civil, and employment
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I have a website www.writeignite.com this has not been

Customer Question

I have a website www.writeignite.com this has not been registered to any numbered coporation or actualy corporation. It is also not a sole priortorship. I am wondering if i can conduct business with it obtain revenues and not register it to a numbered company??
Submitted: 1 year ago.
Category: Canada Law
Expert:  Ulysses101 replied 1 year ago.

Thank you for the question. Yes, absolutely you can operate the website to earn income without incorporating. The point of incorporating is so that the business is its own separate legal entity from you. That insulates you as owner or director from the company's losses or debts, generally.

Lots of people run a business without incorporating. You won't be able to open an account in the business name though, instead you'll be your own name operating as writeignite.com, or whatever your accountant recommends.

Of course, a great resource for any quick questions about your business operations would be a good accountant. This website is fine for pointed questions, but if your accountant is good they'll know you and your business and make recommendations about how to conduct your business and organize your finances for maximum profit, and tell you when it's a good time to incorporate and why.

Does that answer you? If so, I'd appreciate a positive service rating please.

Customer: replied 1 year ago.
Further more, is it possible is it possible for one person to own writeignite (myself) and place the revenues into another numbered account owned by someone else? Without ever placing the assest/ website under incorporation of that numbered/named account?
Expert:  Ulysses101 replied 1 year ago.

You can put the monies generated by your business wherever you like. But it's still your business and you're accountable for taxes and payroll and debts and all the other fun stuff.

Unless I'm misunderstanding you?

Customer: replied 1 year ago.
Maybe you need more information. Currently this business is live, however no revenues have went through, there is no incorporation, only expenses. It may run through the court for child support future ownership+revenue. My current work salary is more then enough to establish this claim, and i will always make sure child is taken care of. This company has taking 1 year of my life to make, and should not fund my exes lifestyle.
Expert:  Ulysses101 replied 1 year ago.

If you want to insulate this business from your own debts, including child support, then you should consider incorporating.

I suppose you could open an account for the business, but it still needs to be "your" account. And if the government or support enforcement agency is looking for assets to seize (which is an extraordinary level of enforcement action on their part, but within their power) then they'll find the account.

It's your business. If you but the revenue into someone else's account, your own accounting process is going to be much more complicated, and you run the risk of the account holder taking your money. It happens.

Customer: replied 1 year ago.
If one incorporates and shows significant revenue or the potential to generate revenue. The courts can either add the amount of income in the current court request. Or in many years if the other party requests a child support review, they can do it then. Im not understanding by incorporating this helps me? I obviously need to start this business eventually. Or I establish a holding company once there is significant income.
Expert:  Ulysses101 replied 1 year ago.

Your corporation's income is not the same as your income. If you own a corporation, you'll be expected to include its statement of business activities with your financial disclosure to your ex to or to the court if there is any litigation.

I appreciate what you are trying to accomplish, but the business isn't even earning anything yet. Don't get ahead of yourself, and don't worry about hiding income that you don't have yet. Many businesses show little profit in the first few years even if revenue is significant.

Expert:  Ulysses101 replied 1 year ago.

How are your inquiries coming along? We covered a lot of ground here, and I'm hoping you've got more information about incorporating so we can focus on the family law aspects of your restructuring.

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