As a small business owner, there are a number of important legal documents you should familiarize yourself with. One that is especially key to business operations is a Sales of Goods agreement. But what is a sales of goods agreement, and how can it be useful to you and your business? Let’s find out. What is a Sales of Goods Agreement? As the name suggests, a Sales of Goods Agreement is a legally binding contract that outlines the terms of a sale of a good, service or property to the buyer and seller. It serves to establish a clear framework for all the necessary terms of the sale. This include ..read more

If you’re ready to apply for a business credit card but you’re not quite sure where to start, you’ve come to the right place. We’ll walk you through everything you need to know to get a business credit card in 2023. What is a business credit card? A business credit card is similar to a personal credit card, with the main difference being that it’s only used for business expenses. A business credit card provides business owners with a line of credit as well as a number of other features designed to help you grow your business. In addition to keeping your business and personal finances separate ..read more

For small business owners, shareholders or employees of a small business, the central goal is to make that company profitable and generate income for themselves. That income may come in the form of employee wages or shareholder dividends (or both). When a small business turns a profit, the net profit, which is the money earned after deducting all operating expenses, can be reinvested in the company’s growth or paid out to shareholders through a dividend. In order to pay out dividends, the proper steps must be taken by the board of directors and the company shareholders, including completing a ..read more

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Running a small business is filled with ups and downs and plenty of learning curves. While you might be focused on perfecting your product or service, there’s another important aspect that often doesn’t get the spotlight it deserves: small business accounting.  Whether you’re a one-person show or have a team behind you, understanding the financial health of your business is vital for long-term success.  In this article, we’ll dive deep into the world of small business accounting. From its importance and how it differs from bookkeeping, to the role of an accountant and whether you sho ..read more

As a small business owner, you may find yourself in a great position to be able to expand your business and hire employees. But before hiring any employees, you will want to set out the terms of their work with your company. To do so officially and properly, draw up a formal employment agreement before their first day of work. Below, we’ve included everything you need to know about setting up an employment agreement, plus how you can use Ownr to easily tailor and create the employment agreement you need for your business .  What is an employment agreement? An employment agreement is a leg ..read more

Opening a business bank account is an important step in starting your business—and choosing which institution to do your banking with is a big part of that. To help you make your decision, let’s take a closer look at the benefits of having a separate business bank account and which features you should consider when choosing a bank. Benefits of setting up a separate business bank account Here are some of the many benefits to opening a business bank account. A business bank account is a legal requirement for corporations A corporation is a distinct legal entity, so it needs a bank account in its ..read more

The post Ownr Holiday Gift Guide: Support Canadian Small Businesses this Holiday Season appeared first on Ownr Blog ..read more

Retirement is an exciting and occasionally bittersweet moment in many people’s careers. A retirement letter is not only an HR requirement in most workplaces, it’s also an opportunity to express your appreciation to your employer and leave on a note that reflects how you would like your colleagues to remember your time together.  Even if you let your employer know verbally that you plan to retire, you’ll likely be asked to submit a retirement letter so they have an official record that you initiated the end of your employment with them.  In this post,  we provide written 10 diffe ..read more

In Ownr’s second entrepreneurship survey of 2023, we asked over seven hundred small business owners in Canada about their current challenges and outlook for the future. With their help, we found that while cash flow and rising costs remain a big concern for a majority of small business owners, a large percentage are still optimistic about their future. Canadians of a variety of backgrounds are still pursuing entrepreneurship as a pathway to financial success.  Here are the major takeaways from our latest survey:  Optimism Despite Cash Flow Concerns– While almost half (47.5%) of the ..read more