Greetings wise nomads!
I’m a Canadian resident who’s looking to use some structure to hold my software development profits.
Currently I have $1000CAD as the max budget for the initial setup, with an expected first-year earnings of <$20,000CAD (hopefully second or third-year earnings will be 100-200k)
Ideally I would:
- not be on the record as owner according to the CRA
- take a very small salary to avoid divorce complications (say $500-1000/mo)
- accept paper cheques (a surprising number of my older clients like paper cheques)
- accept credit cards (Probably Freshbooks or Braintree)/wire transfers (Probably Transferwise)
- purchase computer(s), keyboards, etc through the structure. Maybe a vehicle to travel to meet potential clients
- pay freelancers as expenses
- grow the business as a completely separate entity from myself for a couple years
- take a larger salary when the business can afford it
I would also like to be able to test out drop-shipping income in a few months, and would prefer to run it through the same structure but would be open to having a second one if the fees were ok (want it to be OK to fail and not lose anything except time)
For clarity: By “structure” I mean any business, service, or series of interconnected business/services that allow me to: do business on behalf of a business name, have money stored and available to be paid out in expenses, and have the ability to pay myself from that stored money.
Does that make sense? Is it doable?