Small business fianical assignment Setting up a Business

Small business fianical Setting up a Business - Assignment Example With a population density of 1,419 people per square kilometer, the retail store will be run by 14 members of staff (10 employees and 4 directors). Such a team of dedicated employees will ensure that all the needs of the prospective customers are catered for. Customer loyalty will be maintained for future plans of expanding the business into a corporation. As a small business, the registration requirements are minimal. We will have to apply for a business license from the Municipal Government. The business license would ascertain that our business is legitimate and acceptable by the national government (Morris, p. 27). All the inventory items will be taxed under the Harmonized Sales Tax (HST) requirements for all sales in Canada. All goods have indirect tax attached to their price. As a small business, our liability to the HST requirements will be through the indirect tax imposed on all goods. However, the tax burden will be passed to the final consumers of the goods and services. They will have to cater for the indirect tax burden through the price charged. The municipal government will require that we pay monthly municipal tax. Such a tax is a requirement for all businesses. The tax will be used to cater for the well-being of the municipality. The fresh farm produce will be inspected by the public health department to ensure that the food commodities are fit for consumption. We will be required to have a certificate of quality check from the same department. If the business were a corporation, there would be significant set-up and filing changes as required by the central government. Setting up a corporation would require the following documents (Morris, p. 95); The corporation will be required to fill tax returns forms. All the sales that the corporation will make will be taxed according to the Harmonized Sales Tax requirements in Canada. In addition, the corporation will be required to fill the following