Sunday, January 10, 2010

Need advice on hiring spouse or other for small business?

my boyfriend and i would like to start our own business (canada) and according to my boyfriend's friends it's quite common for the wife or girlfriend to have her name on the business and employing the husband/boyfriend to do the work. But is it me or wouldn't it make sense just to have the business in his name or both of our names considering we live under the same roof and any money goes to both of us anyway? Also, he would be the one to do the work (paint/crackfill)





plus he's the one doing the work and all i would do is the bookkeeping and phone calls, I guess what i am really wondering is, is it really necessary for me to actually go thru the whole deductions effort for e.i. and etc when the whole kit and kaboodle is going to the both of us.





If it was a friend or a stranger that we were hiring , i'd never ask this but somehow it seems like a lot of trouble in making extra deductions when it would be money coming in and a couple of deductions like taxes, hst and cpp coming out?Need advice on hiring spouse or other for small business?
I can tell you one scenario that would make very good sense for you to be the one as owner or president or whatever.





My sister is a civil engineer. So is my brother in law. They opened an engineering firm and in reality my brother in law runs it. But my sister is president.





They get tons of business because there are many places that hire woman owned firms. She is the owner, she signs the checks and she truly is the president. But, my brother in law actually does most of the marketing and staff does the work.





So, if you have any opportunity for working with government...at least here in the U.S., it can be a big help.





On the other hand...working together is hard. But that is for when you post something about ';should I work with my spouse?';

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