Launching a paid SaaS product shortly for the first time, need some advice
Hey all, I'm launching my very first paid SaaS product shortly. As I've never done this before, I'm reaching the inevitable point where I need to ensure I've set this up in a way that is responsible, legal, and compliant, and would love some advice on a couple of things.
Note: I am in Toronto, Canada.
Business Registration:
Obviously, I need to register this as an official business. Now, I'm wondering if I should register it as its own business (using it's own name). Or if I should register it under a generic name (ie. SaaS Builder Studios) so that when I build other apps, I could put them all under that one company.
Legal:
As a business that is going to be collecting user data, and collecting payments. What should I be most cautious of when it comes to legal compliance?
Taxes:
The product is developed in Bubble, and I will be using Stripe for payments. Is there anything in particular I need to be worried about when it comes to charging taxes on subscription fees? Will Stripe take care of this for me?
Anything else I should make sure to focus extra attention on?
Thanks for all your help!!
I'm not an expert in the matter, so definitely take this with a grain of salt. However, I'm not convinced you need to worry about setting up all of that before launching your product. I'm from the US (another reason my advice may not be applicable), and I'm able to claim income from my app the same as self-employed income. There may come time when it makes more sense to establish a business entity, but for now, I'm going to report my taxes on the income Stripe gives me, and not worry about it until I start making significant money.