Dan D. Case Study - Greater Toronto Area (GTA) - Domain Name Register - Financial Accounting Assignment

Assignment Task:

The Learning Company* 
Dan D. has been delivering courses in the Greater Toronto Area (GTA) for a US-based company that is considered the premier global provider of learning solutions to support organizations’ use of technology and effective business practices. Over 2.4 million professionals have enhanced their skills through the US company’s extensive library of proprietary and partner content on topics including web development, cybersecurity, program and project management, Agile, operating systems, networking, cloud computing, management skills, communication, leadership, and more. 
Dan D. made a proposal to the US company’s owners to open a Canadian location set up as an independent company where they would offer a variety of Industry certification courses that serve as tangible recognition of meeting employees’ personal and organizational goals. Dan D. proposed to name the Canadian location as THE LEARNING COMPANY and it will offer several convenient delivery options including self-paced, instructor-led, such us:

In-class

• Live online
• On-demand
• Blended Learning
• Private team
• Training events
• e-learning modules 

Several of the instructors are also based on the GTA, so Dan D. will rely on them to launch the Canadian operations. THE LEARNING COMPANY instructors are working professionals who average over 15 years of experience in the fields in which they teach. They are outstanding experts in their subject matter, but what truly sets them apart is that they are also expert instructors. 
Case contributed by Corinne Szulanski, used with permission. 
The US Company indicated to Dan D. they are highly interested in his business proposal and they are in agreement to be his partners at 50% of the Canadian company. Dan D. as future top executive of THE LEARNING COMPANY contacted a lawyer for advice about incorporating. The legal firm The 6 Law provided the necessary legal advice and did all the necessary paperwork to incorporate as a Canada Business Corporation. Initial capitalization allowed for 10,000 shares. THE LEARNING COMPANY appointed Directors of the Corporation which was called “The Learning Company - THL Inc.” 
In order to be connected in a secure and professional way with his customers, THE LEARNING COMPANY contacted NO Daddy for the Company`s website needs such as Domain Name Register, DNS, Web hosting, SSL certificate, and Dedicated IP. No Daddy register their Internet domain website URL as www.thelearningcompany.ca; also, No daddy is providing E-Commerce Web design, Logo Design, Online Marketing – Search engine visibility and E mail plus in order to expand the Company services worldwide. 
An annual subscription billed monthly for a business accounting software program was bought to manage sales and expenses and keep track of daily transactions. Dan D. was happy with the deal because it is a monthly payment with no minimum length contract that can be canceled with less than a month’s notice. 
A corporate bank account was set up with a Credit Union. The bank account, a standard commercial chequing account that gave up to 12 cheques returned with monthly statements for a monthly fee, can have overdrafts at no cost for the first three months. The first deposit into the bank account was made by Dan D. and the US-based company, the two founding partners of The Learning Company (TLC). Also, like a credit card merchant, THE LEARNING COMPANY is using the Credit Union services in order to collect their customer’s payments. 
TLC Inc. hired MPM Accountants, an award-winning firm of Chartered Professional Accountants, Tax Advisors and Business Advisors for the professional services. The firm disclosed the annual fee structure to be paid at the end of each year of operations. 

One of the instructors and owner, Dan D, agreed with TLC Inc. to use his own car to conduct business, the Company would pay for the use of the car every month after approving a valid Vehicle Mileage/Expense Log presented by Dan D. 
TLC Inc. realized the company needed some sort of third party liability insurance as a Commercial General Liability (CGL); in case the service that the Company provides leads to bodily injury, property damage, or another type of loss to the third party. 
To effectively start operations equipment and supplies were acquired. TLC Inc. purchased some office supplies that would allow the Company’s talented instructors to engage participants and pass their expertise on to them with practical, hands-on skills they can use right away to solve challenges they’ll face in the real world. 

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