pacificstart
Oct 17th, 2008, 01:30 AM
I have registered a corporation (federal) more than 5 years ago and I have never made an income through it although I spent thousands of dollars on various assests and expenses. And I never declared any expenses with CRA as I never had an income.
Right now I will need to start operating under a different name (because of specific branding that I created) and I will most likely have income as well.
Is it better to change the name of the corporation I already have or is it better to create a new one?
If I keep the old corporation and change the name I will probably look more credible on a background search as a business that's 5+ years old than a business that's 1 year old. If I start a new business there will probably be as many fees as if I was doing a name change.
Another thing that I haven't done is that I haven't paid the annual fees to Industry Canada so I will probably have to ad about $200 in fees to keep the existing corporation.
Do you see any other pros and cons to keeping the old corporation?
Right now I will need to start operating under a different name (because of specific branding that I created) and I will most likely have income as well.
Is it better to change the name of the corporation I already have or is it better to create a new one?
If I keep the old corporation and change the name I will probably look more credible on a background search as a business that's 5+ years old than a business that's 1 year old. If I start a new business there will probably be as many fees as if I was doing a name change.
Another thing that I haven't done is that I haven't paid the annual fees to Industry Canada so I will probably have to ad about $200 in fees to keep the existing corporation.
Do you see any other pros and cons to keeping the old corporation?