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I am wondering if I need to purchase a business license immediately, or do I buy it after making a certain amount of money, or do I buy it after being off the ground for a while?
Oh yeah, a note: I'm in Canada, if that affects your answer.
And I suppose you're right that it would look a bit weird to have the Business Expenses being written off ;)
Thanks to Scott for your post, but I'm expecting to write some of the expenses off, so that won't quite work out.
And thanks for trying fishy.
On the two occasions ive done ive had trouble.
The problem is in the fact neither of you have any authority over the other.
Both of you think you know whats best and will argue for hours. When I did back down the business went in to terminal decline only to have the other 'friend' attempt to blame me and others when the offical receiver was called in.
So err dont do it unless you are very sure.
Once you get that business license the tax collectors will want to collect. Where I live (Charlotte, NC, USA) there would be a city property tax to pay for property necessary for the business and the sales tax people will start sending you forms to fill out. It's not a state or federal law to have one here. I wouldn't worry about it until/unless your business occupies a building.
You don't need a license to deduct expenses.
I don't think there'll be any power struggle between me and this family member.
I'll check to see if it's an absolute requirement to have a business license here, and if there are any loopholes I can find that can help me not require one.
Thanks again for the help, everyone.