Module 3

Question 1

What is contained in a Declaration of Trade Name?

Answer 1

-name, occupation, address of person conducting business
-business name
-person signing the doc is not in business with anyone else

Question 2

When does the Dec of Trade Name need to be filed? What’s the penalty of not filing?

Answer 2

Within 6 months of the name first being used. Could result in a max fine of $500.

Question 3

What would a legal assistant prepare when reporting to the client?

Answer 3

Reporting letter; Statement of Account

Question 4

What is needed to notify the gov of no longer using a trade name?

Answer 4

Declaration of Ceasing to Carry On Business Under a Trade Name

Question 5

What is needed on the Declaration of Ceasing to Carry On Business Under a Trade Name?

Answer 5

-name of person who used trade name
-home address of person
-trade name
-date trade name no longer used
-date doc to be signed
-OG registration number from CORES

Question 6

What five things would you consider when setting up a business?

Answer 6

-business plan
-business license
-business insurance (to protect from potential lawsuits)
-registering for a GST number
-business name