Thinking of bankruptcy? Know what it really means for your small business
Thinking of bankruptcy? Know what it really means for your small business Succeeding in business is a major accomplishment—one that’s underlined by the low survival rate of new ventures. Almost half of all small and mid-sized businesses (“SME”s) in Canada fold within...
Rising wages put small business owners back on the front lines
Rather than spending time planning for the future, many business owners are finding themselves moving back to front lines—working the floor and getting their hands back into day-to-day operations. In this new reality of increasing minimum-wages, business owners...
Proprietorship, partnership or corporation: Do you know the implications of your business structure?
Proprietorship, partnership or corporation: Do you know the implications of your business structure? You thought you set up your company in a way that protects you from being held personally responsible for business debts. So why is the Canada Revenue Agency (“CRA”)...
Is a Forbearance Agreement in your future? Here’s what you need to know
Is a Forbearance Agreement in your future? Here’s what you need to know Your business has been struggling and now the bank wants you to sign a Forbearance Agreement. This legal tool, which lenders use when borrowers breach the terms of their loan covenant, is intended...
Hiding from the bank? Here’s what you need to know
Hiding from the bank? Here’s what you need to know Banks can be a small business owner’s best ally, providing financing for big projects and helping to ease cash flow for day-to-day needs. But when the books are in the red and unpaid bills keep piling up, a letter or...
When’s the best time to call a Licensed Insolvency Trustee? Before it’s too late
When’s the best time to call a Licensed Insolvency Trustee? Before it’s too late Revenues and accounts receivables are dwindling, and creditors keep pounding on the door. The challenges of running a company can feel overwhelming in the best of times, but when money...
Are you personally liable for your business debts? The answer may surprise you
Are you personally liable for your business debts? The answer may surprise you Incorporating a business offers several benefits, including lower taxes on company income and limited liability for the company’s founders and shareholders. The latter is one that’s often...
You need to know this: What the CRA can and can’t do to your business
Is the taxman knocking at your door? There’s good reason to feel anxious when the Canada Revenue Agency (CRA) writes or calls about your company’s tax debt.
Ontario’s minimum wage increase has an impact on Small Businesses
The low down on a higher minimum wage: What it means for small business Two dollars and forty cents may seem like small change. But for Ontario businesses, this amount could spell the difference between staying successful and struggling to stay afloat. That’s because...
When Bringing in the Professionals Makes Clear Business Sense
When Bringing in the Professionals Makes Clear Business Sense Entrepreneurs are an independent lot who aren’t afraid to roll up their sleeves and do whatever it takes to make their company succeed. For those with young or small businesses, this often means doing most,...
Restructure or do nothing? Taking action now may save your business
Restructure or do nothing? Taking action now may save your business Building a business takes an enormous investment of time, money and passion. So when their venture gets into financial trouble, it can be hard for business owners to acknowledge the problem. Some...
Danger Ahead: 6 Signs of a Struggling Business
Danger Ahead: 6 Signs of a Struggling Business From brand awareness to operational efficiency, so many factors can make or break a small business. It’s no surprise that thousands of companies fail each year. According to the latest figures from Statistics Canada, in...
The Impact of Sears Canada’s Liquidation on Small Business
If your small business is struggling financially, it can be tough to keep up with the bills. Unfortunately, some struggling small businesses find themselves unable to pay their rent.
How to Stop Worrying About Your Small Business
Reducing Stress in your Small Business Owning a small business is stressful. There are multiple balls to juggle and more than enough issues, concerns and changes to occupy your mind 24/7. If you own a small business, you’ve likely found yourself deep in thought long...
What Happens When a Small Business Owner Can’t Pay Their Rent?
If you are a small business owner and you are unable to pay your rent, a Proposal to Creditors may be a good option for you.
Does a Small Business Bankruptcy Affect Me Personally?
How does a small business bankruptcy affect me, the business owner? We hear a lot of questions when small business owners come in to discuss their finances and the future of their businesses. Probably the most important question, and the one we are most sensitive to,...
Avoiding High Interest Alternative and Non-Traditional Lenders
Small Businesses in Financial Difficulty Often End Up in More Trouble with High Interest Loans Debt is not a bad thing for a small business. Businesses need debt to purchase equipment, expand operations, help with the fluctuations in cash flow, or keep the doors open...
The Stress of Owning a Business in Financial Distress
Dealing with the Stress of Business All small business owners agree that business is not just business. It doesn’t exist solely between 9 am and 5 pm—especially when you’re a small business owner. Your business consumes a lot of your life. You think about it when...
Top 6 ways to protect yourself if your business fails
How Business Owners Can Protect Themselves if their Business Fails No one wants their business to fail. Business owners go into business with dreams of success and profitability. However, for a number of different reasons, it doesn’t always work out....
How do I restructure my small business?
Small Business Restructuring There are many reasons why a business may need to consider restructuring. These reasons include difficulty in repaying or overcoming high start-up costs, the costs associated with over-expansion, expansion into unprofitable areas, the loss...
What is the purpose of small business bankruptcy? Why can’t I wind up the company myself?
What is Small Business Bankruptcy? Why Can’t I Wind up the Company Myself? Small business bankruptcy is a legal process that a company can enter into if a business is having financial issues, trouble repaying creditors and is unable to pay back debts. In a small...
Should I put my small business into bankruptcy?
Is Small Business Bankruptcy the Right Choice for Me? One of the most difficult decisions that a small business owner ever has to make is whether or not to put his or her business into bankruptcy. Obviously, every business owner goes into business hoping for success,...
What is a small business bankruptcy?
Small Business Bankruptcy in Canada Small businesses that are struggling financially eventually need to make a decision about the future of the company. One option that small business owners may consider is small business bankruptcy. Bankruptcy is typically the most...
Small businesses and a proposal to creditors
Small Businesses and a Proposal to Creditors Many people believe that, when a business has financial difficulties, the only option is to file for bankruptcy. This isn’t true. While bankruptcy may be the most well-known way that businesses deal with significant...
Are creditors threatening collections or legal action?
Are creditors threatening collections or legal action? Struggling small businesses can fall behind on payments to suppliers or other creditors. They may also get into disputes with suppliers and creditors which can result in legal action. Calls from collection...