Canadian Startup and Video Game Law Blog
Startup and video game law, from a Canadian and U.S. perspective
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How to Apply for an EIN as a Canadian or Foreign Company
An EIN is a unique nine-digit number assigned to your company by the IRS and used for bank account opening, tax filing, hiring and reporting purposes. There are four main methods to obtain an EIN, each one posing its own complications for Canadian and foreign companies. 1. Online The easiest approach, online, is unfortunately not...
US Beneficial Ownership Information Registry
On January 1, 2024, the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) launched the online BOI E-Filing System and began accepting Beneficial Owner Information Reports pursuant to a new compliance regime under the Corporate Transparency Act. 1. Who needs to file? Starting January 1, 2024, all non-exempt entities formed or registered to do...
LLCs are Bad for Canadians (Mostly)
Canadians often ask us to incorporate LLCs. In response, our answer is always (1) LLCs do not exist in Canada and are only available in the US; and (2) incorporating a LLC for a Canadian tax resident is usually a bad idea. In this blog post we’ll explain what a LLC is, why it’s a...
Problems with Stripe Atlas Incorporation for Canadians
We frequently work with Canadian startups operating a U.S. (usually Delaware) company incorporated on their behalf by Stripe Atlas. On the surface, Stripe’s assistance with incorporating this U.S. company seems convenient and an easy way to meet the U.S. entity requirements to use the Stripe payment processing platform. However, a number of material issues are...