I am new around here, but I am in need of some consultation and this community appears to have some helpful folks so here I am.
My father has operated a custom home decorating small business (faux finishing, and decorative painting) since 1995. He has had limited success and that is because he is NOT a business person, but an artist and creator at heart. His business has displayed many instances of success, but it is all about replicating that success and having a proper structure to back it, he has had issues with taxes etc for years because he lacks business skills and the willpower to keep proper books etc.
This is where I enter the picture.
While I had limited interest in my father's business for years, it took me getting out on my own and figuring out my strengths to realize I have an entrepreneurial spirit, and I am a pretty decent in sales, marketing, and general business ideas. Getting into a big retailer in a strict commission environment selling appliances, mattresses, and furniture gave me a great inner view into the workings of a relatively large company ( 1billion in gross sales).
It began to dawn on me that I have a large passion for art and design, and now armed with capable sales skills, and a penchant to learn everything business I have been working on his business revamp for several months, and we are ready to initialize my marketing plan and make some necessary purchases for the business.
I have generated a basic budget and balance sheet off of a pretty good template I found online and I have studied some book keeping methods, and feel confident in the upkeep and processing of the books. Where my questions lie in how I should structure the business in order to claim taxes in the most efficient method and how do I go about claiming taxes on the budget sheet in terms of calculating business tax.
We are located in Ontario, Canada. We never plan on having a team larger than 7 employees probably maximum as we are a business that sells high quality in lesser quantity. We are able to produce enough at our asking prices to reward everyone involved rather handsomely and quality cannot be risked by hiring more people and churning out more production. Even if the leads allowed us to, it would be risky to expand operations beyond a tight knit core.
Should I be listed as a full partner and operate as a partnership, or should we restructure as an LLC?
Is there any small business software you would reccommend?
I am looking for general help from people with tax, accounting, and finance backgrounds to just help me clarify a sound method in keeping everything accurate and efficient. Your input is of high value to me and I thank you for your valuable knowledge in advance