When to register your business
I was asked on social media at what point in the life of a new business it should be formalized and registered. My video response is here.
Traditionally, I would have said that you don’t need to involve yourself with registration when your business is still young. Begin your business, let it grow and then when the legs of your business are strong and running, then go and formalize the business.
However, now I see that URSB has simplified the registration process and there are many advantages to formalizing your business, like networking with professional associations and seeking other benefits.
It is true that people fear paying taxes, but many businesses need not pay tax in the first few years if they are not really turning a profit. So now I encourage people to register their young businesses formally. It will also keep you serious about managing that business well to sustain and grow it to another level.