5 Signs that You Should Register Your Side Business in Quebec
As an accomplished professional, you wear multiple hats: full-time employee and entrepreneur. Your side business is thriving and you’re eager to take it to the next level. First, however, you need to register your business with Revenu Québec and the Registraire des enterprises. Neglect this critical step, and you could face huge problems down the road.
Not convinced? Keep an eye out for these five signs, which indicate that it’s time to register your side business in Quebec:
1. You Want to Be More Than a Freelancer Or Individual Consultant
If you desire a little more structure than freelancing or independent contracting can provide, registration is an important next step for your side business. As a sole proprietor operating under your first and last name, you might not technically be required to register — but it’s still a step worth taking. Registration signals greater commitment to your entrepreneurial efforts and prompts a much-needed sense of structure.
2. You Anticipate Making More than 30K Per Year
Business is booming, or you anticipate that it will be soon. If your side gig income exceeds 30K, you’ll need to register for both the Goods and Services Tax (GST) and the Quebec Sales Tax (QST) to charge taxes on clients. Moving forward with the GST and the QST is impossible if your business is not yet registered.
3. You Have a Partner
As the owner of a general or limited partnership, it is your responsibility to register your business upon creation or shortly thereafter. Whether your business partner is a spouse, a family member, a good friend, or a visionary in your field, you could place not only your relationship, but your entire future at risk if you proceed without a partnership or a shareholder agreement.
4. You Need the Motivation to Take it Seriously
You have big plans for your side business, but sometimes, life gets in the way — and your business gets lost in the shuffle. Registration could provide the boost you need to take your business seriously and grant it the attention it deserves. If you take your efforts seriously, clients and customers will follow suit.
5. You Are Ready to Quit Your Job And Become a Full-Time Entrepreneur
Perhaps you don’t want your side business to be on the side anymore — you’re determined to become a full-time entrepreneur. As you move forward, think of the cliche ‘don’t quit your day job.’ This statement doesn’t mean you should doubt your entrepreneurial ambitions — it simply advises caution and proper preparation before jumping headfirst into entrepreneurism. Before you make the leap, get your business on firm footing through official registration.
Ready to move forward with your business? It’s time to complete your declaration of registration. This process may seem confusing, but guidance from a notary firm can help. You won’t regret moving forward with your entrepreneurial goals and making it official with business registration.