How to Change Your Business Activity
As a small business owner or self-employed individual, you may decide to make changes to your services. This will require you to make file a change in your business activity.
The following will help you understand how to change your business activity so that you meet the growing demands of a changing marketplace, industry growth, and the success of your small business.
Business activity changes
Changes to a business activity primarily occur as a result of the evolution of a business. For example, an independent contractor may decide to start their own business hiring other contractors. Automobile technicians may choose to directly sell parts to their customers.
When first registering for a Master Business License in Ontario, you are required to provide information on the activity carried out by your business. Changes to your business activity can typically be made to your current registration.
Changes in business activity can be made to several types of businesses, including sole proprietorships and partnerships. Additionally, individuals who are self-employed commonly make changes to their business structure. These professionals may choose to add new services that are related to those they already provide.
When these changes occur, they must be filed in order to ensure that all licenses and registrations accurately reflect the business.
How to change your business activity
Changing your business activity when necessary ensures that your business’s records are properly updated. This provides a number of benefits including legal protection and the simplification of processes related to your business’s finances.
In order to change your business activity, you’ll need to contact your local Ontario tax services office. You will also be required to make an amendment to your business registration within 15 days of the change in activity.
When making changes to your business registration, ensure to have your existing registration on hand. You will be required to provide the same information as you did when initially registering your business, as well as your BIN number.
We help businesses in a wide range of industries understand how to change their activity and comply with local regulations. Knowing how to make these changes will protect your business and keep you moving forward towards a new level of success.
If you’re a small business owner interested in changing your business activity, you can fill out the form online.
