For the past few weeks, we have to choose 5 or more stocks, and invest $100,000 in them. We have to keep track of the pricing every tuesday and friday on an excel chart. I only chose 5 and the ones i invested the most in seem to be deflating waaaay too much. Oh well.

Our summative for Info tech was also given to us. Here are the jot notes on starting a small business and the information we needed to know about it.

Registering your business name
-If your business is incorporated, it is already registered; if not, you have to register your business with Ontario.
-There are two ways you can register your business name: online through the official website and by mail or in person.
-The registration costs $60 (or $80 if done by mail) and is only valid for five years.
-Since you cannot use a name for your business that's already taken, by paying a small fee of $12, you can check if it's taken or not.

Taxes
Income tax
-Businesses have to pay taxes on the money they earn to the federal and provincial governments.
-Income taxes are based on how much profit your company makes subtracted by your expensives, for example, things like office rent or maintenance.
-An accountant will be able to help you out with your expenses so that you don't over pay your taxes.
Goods and Services Tax (GST) & Retail Sales Tax (RST)
-6% GST is applied to almost all products and services in Ontario.
-You must register for the GST if your business earns $30,000 annually or provides good that are GST-taxable
-After registration, GST has to be charged on all your customers and sent to CRA so that the option of claiming a GST refund is available for you.
-8% RST is also applied to most productes and services; also applied to prepared foods that cost over $4
-RST must be charged, collected and sent to the Ministry of Finance. You must also be registered with the MoF and have a certificate.
Business records
-You are obligated by the law to keep records and books and if they are related to income tax, they must be held for atleast 6 years.
-An accountant or bookkeeper can help you keep track of your records; accounting software programs are also available for you to use.

Licenses & Zoning
-Businesses need licensing from the federal, provincial, and sometimes the municipal government.
-For example, an operating permit is given so that you have permission to work in a specific location.
-Municipalities have zoning/building rules that your business must follow.
-You must check with your municipal authorities to see if your business works with these rules.

Insurance
-Having an insurance broker can be alot of help.
-They can help you find the risks in your business and tell you what kind of coverage you need and how much it's going to cost.
Renting or buying premises
-You will need to find a place to work out your business if it's not at home.
-There are a few things you must look at before you decide renting a space, for example: how much space you need or security.
-If/when you rent a space for your business, you need to sign a lease with the person who owns it.
-You should discuss what you're paying for and the rules on the area with a lawyer.

Business communications
-Businesses need communications tools, such as a fax maching, a computer and the software you need to make your business easier.
-Making a website is a good idea for your business. The internet allows quick acess to your business and information about it.
-A good website can do things like: advertise your product, or reduce the cost of customer service.