I am looking at starting my own civil design firm, but I am still about 1.5 to 2 years away (saving money and waiting for the development market to correct some). However, in the meantime I would like to get some of the start up issues out of the way, such as talking to an accountant and lawyer about incorporating and taxes (this forum is cheaper, though).
My question is: when should I incorporate? I would like to have the company set up so I can hit the ground running on Day 1, but on the same token I do not want to run into any tax burdens of having the company but not actually starting work yet (idling). I have the time now to get much of this out of the way, but is there any detriment to incorporating now or 1 year before start or 6-months before start?
I have tried to research this question on the internet, but couldn't find the exact answer.
My question is: when should I incorporate? I would like to have the company set up so I can hit the ground running on Day 1, but on the same token I do not want to run into any tax burdens of having the company but not actually starting work yet (idling). I have the time now to get much of this out of the way, but is there any detriment to incorporating now or 1 year before start or 6-months before start?
I have tried to research this question on the internet, but couldn't find the exact answer.