There are several types of business registration that can be done in Alberta. Here is a short run through of the different types of business registration that can be done that you should be aware of.
General Partnerships: In this type of business the owners of the business own all of the company’s assets. What makes this a partnership is that there are more than one owners who work together and own the company together. They are able to hire people to do work, but usually have a direct hand in management and operations. The legal requirements are not nearly as intense or difficult to incorporate, and these are usually a good fit for smaller businesses.
Proprietorships: This business type is the most common and simplest business type. It is almost identical to a general partnership, except there is only 1 owner. The owner owns all of the business assets but is also personally responsible for any of the company’s liabilities. Registering a proprietorship in Alberta is also relatively simple and inexpensive when compared to incorporating.
Trade Names: This is when a corporation wants to legally add another name onto itself. This means that a company is able to use a different name than its full legal name. It also means that they must use both names in legal documentation, as in their trade name is representative of the full company and the company’s full name.
There are many ways to register your business, but here are a few simple business registrations that can be done in Alberta. If doing a business registration, make sure to call legal experts to get it done correctly and in a timely manner.