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Setting Up Business in Canada

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Introduction

Setting Up Business in Canada Must consider their likes, dislikes, and dispositions, their immediate and long-range needs and the advantages and disadvantages of each. Sole Proprietorships- a business owned (and usually operated) by one person who is personally responsible for the firm's debts (liable). * Most are small, employing only one person, can be any size * May start as one, and turn into another Advantages: * Freedom * Privacy * Reap rewards or suffer penalties alone * Simple to form -> short life span * Low start up costs, tax benefits Disadvantages: * Unlimited liability * Lack on continuity -> business dies with owner * Reliance on one person * Difficulty raising money Partnerships- a business with two or more owners who share in the operation of the firm and in financial responsibility for the firm's debts, often extension of sole proprietorship, many professional organizations such as legal, architectural, and accounting firms are partnerships. Types: General partnership- all partners have unlimited liability for firm's debts Limited partnership- one general partner and one or more limited partners. Liability is limited to financial investment in the firm. General Partner- actively involved in managing the firm and has unlimited liability Secret Partner- actively participates in managing the firm with unlimited liability-> identity not disclosed to public Dormant Partner- does not actively participate in management, identity not disclosed to public, has unlimited liability Ostensible Partner- not an actual partner but name is identified w/firm, well-known personality, promotional benefits occur _> paid in fee, has unlimited liability. ...read more.

Middle

Subsidiary and Parent Corporations- Subsidiary: one that is owned by another corporation Parent: A corporation that owns a subsidiary History of Business in Canada: Early Years: Late 1400's-ships financed by English entrepreneurs came to Newfoundland to fish for profit 1500's- traded w/ Indians, England and Frances's economy grew, however Canadian manufacturing was slow to develop The Factory System and the Industrial Revolution: Industrial Revolution- a major change in goods production that began in England in the mid-eighteenth century and was characterized by a shift to the factory system, mass production, and specialization in labour with advances in technology Factory system- a process in which all the machinery, materials, and workers required to produce a good in large quantities are brought together in one place Mass Production- the manufacture of a good of uniform quality in large quantities Specialization- the breaking down of complex operations into simple tasks that are easily learned and performed The Entrepreneurial Era: Late 1800's- many wealthy people, due to size and power of some firms, other businesses were getting hurt, some decided it was more profitable to collude then to compete, so they fixed prices and divided the market, although Canadian consumers called for more regulations, In 1889, first anti-combines legislation was passed. The Production Era: The period during the early 1900's when American businesses focused almost executively on improving productivity and manufacturing methods The Sales and Marketing Eras: Sales Era- the period during they 1930's and 40's when businesses focused on sales forces, advertising, and keeping products readily available Marketing Era- the period during the 1950's and 60's when ...read more.

Conclusion

Maturity stage involves slowed or slight growth, success is assured "comfort", expansion is sought after is regards to merging or taking over other enterprises During these changes it differs from being entrepreneurial to being professionally managed, employs 50-100 people Survival of Small Businesses * 13-15% of business enterprises disappear each year * One half of new business fail in first 3 years * After ten years, 25% are still in existence * Average life span is 7.25 years * Females have twice as high survival rate then men * Fails due to poor management, inadequate marketing, inadequate financial capabilities, inadequate production capabilities, personal reasons, disasters, other Assistance for Entrepreneurs and Small business owners * Federal support (industry, science and technology Canada)-> develops and implements national policies to foster entrepreneurship and the start-up growth, expansion of small businesses * National Entrepreneurship Development Institute- a clearinghouse for info on entrepreneurship * Canada Opportunities Investment Network- a computerized national investment matchmaking service operated through Chambers of Commerce Helping With advice and Money * Counselling Assistance for Small entrepreneurs- a program that offers one-on -one counselling by experiences business people to small businesses * Government funding agencies * Small Businesses Loans Act- federal legislation that guarantees private loans of specified amounts to small businesses Developing People and Technology * Federal government programs Promoting Exports * Greater field, more capital Other Assistance to Small Businesses * Consultants, bureaus, and publications- advice, (Ontario has 15 such network) * Banks and other financial Institutions- loans * Incubators and technology centres- centres where you can start enterprises with assistance and counselling (YMCA) ...read more.

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