The Journey of Up-Tempo Publishing: Establishing the Business Structure
Starting a publishing company isn’t just about creating great content—it’s also about laying the right legal and administrative foundation. I had an edge in this area. As a professional private piano and theory teacher, I incorporated my studio over 25 years ago, so Up-Tempo Publishing is not my first business. In this post, we’ll travel back to when I first started my studio, Bach To Basics Inc., and cover the first steps I took to make it a formal business, including setting up the business structure, registering the company name, and obtaining a business license. While this might not seem like the most exciting part of the journey, once you get the ball rolling, there is something special and exciting about embarking on a new adventure and having your business recognized as an official entity. Also, getting these steps right from the beginning saves a lot of headaches down the road.
Choosing a Business Structure
Looking back over 25 years, one of my first major business decisions was determining the best legal structure for my teaching studio. There were several options, each with its own advantages and trade-offs:
- Sole Proprietorship: The simplest option, where the business and owner are legally the same entity. While easy to set up, it offers no liability protection—any business debts or legal issues fall directly on the owner.
- Partnership: Similar to a sole proprietorship but involving two or more people. This can be a good option if starting with a co-founder, but like a sole proprietorship, personal liability remains a concern.
- Limited Liability Company (LLC): Offers personal liability protection while being easier to manage than a corporation. It provides flexibility in taxation and structure, making it a popular choice for small businesses.
- Corporation (Inc.): A more complex structure that creates a separate legal entity from its owners, offering the most liability protection. It can also provide tax benefits and make it easier to raise investment but involves more regulatory requirements.
After weighing these options carefully and deciding between the simplicity of an LLC or the structure of a full corporation, I ultimately went with full incorporation, and Bach To Basics Inc. was born. So where does Up-Tempo Publishing fit into all of this? Keep reading, and I’ll tell you.
Registering the Company Name
Once the business structure was chosen, the next step was registering the company name. In most cases, this process happens alongside the incorporation or LLC formation process. If you’re registering as a sole proprietor, you can file a Doing Business As (DBA) or trade name separately. However, for corporations and LLCs, the name is typically registered with the government when filing the incorporation documents.
In my case, the idea of Up-Tempo Publishing came many years after my teaching studio was incorporated. Since my studio, Bach To Basics Inc., was already incorporated, all I had to do was email my lawyer when the time came to set up my publishing company. He advised me on the process, quickly performed a name search, and the next day, I received an email notification along with the supporting documentation that Up-Tempo Publishing was now a division of my corporation, Bach To Basics Inc. This meant Up-Tempo Publishing could have its own business account and was officially a legal business.
I was lucky the name I chose for the company was available—both as a registered business and a website domain name. Since I had my eye on Uptempo.ca already, the process of registering the domain name was easy now that the legal name of the company was registered. This was an essential step in branding and legal protection.
Incorporation: DIY or Hire a Lawyer?
When incorporating, I had two main options:
- Go through a lawyer – This provides guidance and ensures everything is set up correctly, especially useful for those unfamiliar with corporate law.
- Use a DIY incorporation kit – Many jurisdictions offer business registration kits that allow you to incorporate on your own. Some online services streamline this process for a fraction of the cost of a lawyer.
I had to decide whether I wanted the assurance of legal advice or to handle it myself with some research. Either way, incorporation involves filing Articles of Incorporation, annual returns, providing separate tax returns for your company, and other necessary documents with the appropriate government office. Additionally, the expenses can be higher, as you often need a professional chartered accountant in addition to your lawyer.
In my case, I chose to go through a lawyer, as their office generally serves as the official corporate address. This means that any legal correspondence can be sent directly to them, and they can deal with any issues should they arise. When owning a corporation, you must file a yearly annual return to be placed in your company’s official minute book. Your company lawyer will usually take on the responsibility of filing the necessary documents on time, making it one less thing for the owner of the company to worry about.
Obtaining a Business License
The final step was obtaining a business license. The requirements vary depending on location and industry. Some businesses need only a general business license from the city or municipality, while others may require additional permits based on their activities.
In many cases, this process is straightforward and can be completed online. In my case, I was excited about this new adventure, so I applied for my business license at 2:00 a.m., and by 2:00 p.m. that same day—no more than 12 hours later—I had a copy of my license and was able to start doing business. Keep in mind that some locations require an in-person application or additional approvals. It’s important to research the specific regulations in your area. A good first step is to check your municipality’s website under the appropriate category for business licenses. In my case, it was the same link used to renew my pet license. Be sure to have your credit card handy, as business license fees can vary and sometimes be quite expensive depending on the business.
Final Thoughts
Initially, setting up the legal foundation for a business might not seem like the most thrilling part of the journey, but it can be exciting as you see your company take shape. More importantly, it’s a crucial step in setting up any business. Choosing the right structure, registering the company name, and obtaining the necessary licenses ensures the business is compliant and set up for success.
With these steps completed, Up-Tempo Publishing is now officially a division of Bach To Basics Inc., my teaching studio, and is legally established. In the next post, I’ll dive into some additional housekeeping aspects—registering a domain name, setting up a business bank account, and setting up a business address, which will complete the Business Formation & Legal Setup portion of my to-do list.
Disclaimer: This post is for informational purposes only and does not constitute legal or financial advice. Always consult a qualified professional for advice tailored to your specific situation.
Until next time, I’m just a music teacher having fun. Catch ya on the next one!
