14 votes
Accepted

Is it possible to claim EI while contracting

No, your friend would not be eligible for EI under these conditions. In order to claim EI, your friend must certify they are "ready, willing, and capable of working each day". As your friend is doing ...
ChrisInEdmonton's user avatar
7 votes

Where is my principal place of business UK based?

There are many options when it comes to choosing a registered office address. I personally used one of the many companies that offer a "Registered office Service" so that I had a Central London ...
Tezos OTC 's user avatar
7 votes

To what extent are companies' owners not responsible to pay back money that they waste?

A small business' bank loans and credit cards all require a personal guarantee by the owner, in addition to the business' promise to pay. Large businesses can get a loan with no personal guarantee. In ...
Orange Coast- reinstate Monica's user avatar
6 votes

Why would someone need Articles of incorporation from us?

Articles of Incorporation are used to help verify that your business is actually a business, and that it has the name you claim it has. There are quite a few entities that may wish to verify your ...
TTT's user avatar
  • 47.2k
4 votes

Why would someone need Articles of incorporation from us?

There is not a legitimate reason to respond to an unsolicited message from a stranger. Why don't you ask that person to justify their request?
quid's user avatar
  • 49k
3 votes
Accepted

Advantages of incorporating in Canada for reselling

A full answer on whether it makes sense would need to look at a lot of specific factors that would impact the net benefit vs cost of incorporating in Canada. However some quick rules of thumb should ...
Grade 'Eh' Bacon's user avatar
3 votes

To what extent are companies' owners not responsible to pay back money that they waste?

In the UK, there’s an offence of “trading while insolvent”, and the directors of a company that keeps trading when they should reasonably know that it can’t repay its debts can become personally ...
Mike Scott's user avatar
  • 23.5k
3 votes
Accepted

How much income justifies incorporating into an LLC?

Sorry, wrong number. With your own business, you can file a schedule C and take off expenses against that income. With the new tax code, there may be some advantages to incorporating, but an LLC will ...
JTP - Apologise to Monica's user avatar
2 votes
Accepted

Trading options as a salaried individual Vs as a business?

You should consider consulting a qualified tax expert with relevant experience (i.e. for corporations involved in investing/trading.) FWIW, it's quite possible that conducting your trading inside of ...
Chris W. Rea's user avatar
  • 31.7k
2 votes

Just incorporated. Can I transfer my last personal paypal payout to my new business account?

So long as that $50k does not include any income from transactions occurred before your company was incorporated, then I think this is OK. When we incorporated my wife's business, we had customers ...
Rupert Morrish's user avatar
2 votes

Are shares I issue when forming my company "paid for" or "unpaid"? (UK Ltd Companies)

They'd be considered unpaid, and if your company had creditors at liquidation then you would actually be called on to pay up to that amount to them. It's what "limited" liability means - it'...
GS - Apologise to Monica's user avatar
1 vote

Keeping personal and business finances separate, tax-wise, in two different countries inside Britain?

This isn't really an answer but it's too long for a comment. What is your real intention behind trying to do this? Are the tax regimes different between England and Scotland in this regard? "I ...
Vicky's user avatar
  • 24k
1 vote

To what extent are companies' owners not responsible to pay back money that they waste?

Bankruptcy fraud with limited liability companies does indeed happen a lot. However having a limited liability company in almost all jurisdictions comes with a lot of rules. So you are not allowed to ...
thieupepijn's user avatar
1 vote

Converting a personal business into a Company & its taxation advantages

In the US, to reduce your tax rate, you can create an LLC taxed as an S-Corp. You can structure your compensation in two ways: Salary. This is taxed at the normal rate. The key thing is that you ...
minou's user avatar
  • 7,516
1 vote

How to MAXIMIZE Income Taxes Paid by a US Corporation (Controlled foreign corporation)?

A U.S. S-corp doesn't allow foreign owners while a U.S. partnership does. But the partnership requires a withholding and filing of U.S. taxes for foreign partners. Then those foreign partners might ...
S Spring's user avatar
  • 3,572
1 vote

Can credit worthiness be transferred from me to a business?

Are you willing to personally guarantee any loans that your company takes out? If so, then your credit rating will help the company. If you want to keep your finances completely separate from the ...
Simon B's user avatar
  • 10.3k
1 vote

Do I need to be a shareholder in a single person corporation (in Ontario)?

This is only an answer to the Bonus Question - I just stumbled upon this article: Can a Shareholder Be an Independent Contractor to Their Own Company? So, apparently, this has been tried before. I ...
Fshafique's user avatar

Only top scored, non community-wiki answers of a minimum length are eligible