If you run your own business, there may be key advantages to incorporating. By taking this step you may save yourself money, taxes, liability and more. Our experienced business incorporation lawyers are here to help. Protect yourself and your business today.
What is Business Incorporation?
When a business incorporation lawyer establishes your corporation, he or she creates something. Incorporating a business creates a legal entity of its own. It is treated, in law, as an individual. This means it can legally contract with others, own property, pay (lower) taxes, and it can be sued. While normally being sued is negative, in this case it means that you, as an individual owner/shareholder, are protected. It is only the company that can be sued, except if you do something wrong to attract
Incorporation Lawyers help You Name Your Company
The following are all legal names for incorporated businesses. If you want a named company, then you can decide which name works for you. That said, you must have one of the below in your legal corporation name.
Decide Where to Incorporate Your Business
Our incorporation lawyers will help you determine the best province to incorporate your business. Generally, it is best to incorporate your business in the province where your business is located or where most of the business is done. If your company does business in more than one province, then you will need to incorporate in one province and extra-provincial register the company in those other provinces.
Why Hire a Incorporation Lawyer to Incorporate Your business?
It is important to incorporate your business properly. A few examples of failing to do so include:
- Cost you money
- Leave you open to being personally sued
- Have creditors attach to your personal assets
- Keep your from selling your business
- Cost you more in taxes
- Open you to tax fines/penalties
- Keep you from getting business financing from banks
Have our incorporation lawyers help you to set up your company properly. This includes legally setting up the corporate minute book. We can answer all your questions and go over what you need to do to keep your company operating legally.
What is a Numbered Company in Alberta?
A numbered company is one that has an assigned number to it instead of a name that you chose. Numbered company numbers are assigned sequentially. You do not get to choose the number. A numbered company has the same legal rights, responsibilities and obligations as a named company. Ask one of our incorporation lawyers on how this works and how a numbered company can save you some money. We can also help legally change the name of your company to a new name.
What is a Professional Corporations?
Some professions allow for a professional corporation. They exist to allow the benefits of a corporation to an individual. For example, a doctor, lawyer or accountant is personally allowed to practice their specialty because they earned a specific designation. A company cannot get a medical or legal degree. When our incorporation lawyers set up your professional corporation, the individual can get the tax savings of a company. There may be some limits to liability protection in these situations. Learn more about professional corporations here.
Incorporation Lawyers Help Structure Your Company
Our business incorporation lawyers will help you decide on the following key components of structuring your company,whether an operating company or a holding company:
- The name of the company
- What types and classes of shares to have available
- What types and classes of shares to actually issue
- Determine the directorsof the corporation
- Determine the officers of the corporation
- Set restrictions on the business the company can conduct
- Set restrictions on how and to whom a shareholder can sell or give shares to
- Transfer of shares when necessary
- Create rules that you require for your specific company.
How Long Does it Take to Incorporate Your Business in Alberta?
Our incorporation lawyers fit into your time requirements. Usually we leave about 3-4 business days to incorporate your business. If you need it the same day or the next day, we will work with YOU to meet your timelines!
Learn More About Business Incorporation Law
Please watch our legal minute video to learn more about incorporating your business.