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When more capital is required to start and operate a business than business owners can put forth, entrepreneurs must be aware of their external financing options. Below, our accountants list some of the various options for funding your entrepreneurial enterprise. External Financing Options: Angel Investors Provide capital in exchange for convertible bonds The holder’s investment
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Entrepreneurial couples make up a large portion of the small businesses in North America. Spouses can make a potent team, as they share a variety of common goals and interests. But, if you are going into business with your spouse, there are several tax considerations that will directly affect your tax deadlines (and throughout the
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At Hogg, Shain & Scheck, we are passionate about helping entrepreneurs to launch successful and sustainable businesses. We have been privileged to meet incredible innovators whose ideas could revolutionize industries. However, before your startup or small company can takeover the market, you need to be sure that financial negligence does not hamper your earning potential.
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Filing and Payment deadlines for individuals Generally, the filing deadline for individuals is April 30th of the following year; The filing deadline of an individual who carries on a business or whose cohabiting spouse or common-law partner carries on a business is June 15th of the following year (for example, self-employed and partners); Payment deadline
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If you own a private corporation and plan on selling your business, it is better for you to start planning 3 years in advance rather than planning a few months before the sale as your choices will be limited if you are thinking of reducing your taxes. Options for Selling your Business There are two
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Accurate cost allocation for manufacturing overhead enables companies to price their items accordingly to produce a profit. To protect your profit margins, you need to understand exactly how much each aspect of your business costs. Manufacturing overhead refers to all of the costs associated with producing a product, over and above direct labour and material
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Understanding unique financial reports and what they contribute to financial planning better enables business owners to manage opportunities and risk. Profit & loss budgets and profit & loss statements are commonly confused terms. Read on to learn the difference and to better understand how Profit & Loss budgets and statements can benefit your business. What
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Your company should prioritize a strategic accounting audit to ensure that the procedures you have in place are complying with a strategy for long-term success. Long-term success will differ from company to company. However, if you ever want to make your success a reality, it needs to be well defined within a strategic plan. Schedule
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Tom Deans May 28, 2014 Executive Summary On May 28th, Hogg, Shain & Scheck Professional Corporation hosted a captivating seminar at the Hilton Suite Markham Conference Centre, which gave the audience an opportunity to engage in an unconventional, yet realistic perspective of family businesses. Dr. Tom Deans, author of “Every Family’s Business,” gave his explicit
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What is a profit & loss statement? A record of a company’s revenues and expenses within a specific period of time These statements demonstrate whether or not a company is generating a profit or loss If a company is losing money, they identify how much and where revenue is being generated and what cost structures
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Learn how to recruit and retain an effective board following a company’s declaration of bankruptcy. Our firm explores the complexities that arise when recruiting board members for a post-bankruptcy vs. a financially sound company. We hope to demonstrate how to create an effective board of directors that will position your company for long-term success, rather
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At Hogg, Shain & Scheck, we look forward to the opportunity to work with entrepreneurs. Our team loves to fuel innovation by refining the financial practices of Ontario’s business owners. To serve our clients better, we continuously perform research to remain aware and ahead of trends that may affect entrepreneurs and their growing businesses. Our
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