Know What Type Of Alberta Corporations You Need
Many people have not given much thought to the type of Alberta corporations that are available to them. While people may have heard about numbered companies and also know that some companies have names, they may not know the other types of Alberta corporations that are available to them. In some situations, you may not have a choice as to which specific type of the various corporations you can use but the corporate lawyers at Kahane Law Office in Calgary, Alberta assist in making ensuring you incorporate the right type of Alberta corporation. Call today: 403-225-8810.
While many people think that the incorporation process is difficult, it is not with the right help. Incorporating offered many advantages and benefits. It is important to note that the benefits of incorporating may be lost, if the corporation is not set up and maintained correctly. This is not an expensive process, but it is key! You risk losing these benefits if you fail to properly set up your company properly. The different types of Alberta Corporations and other legal entities similar to corporations include a number of choices. For example:
Named Alberta Corporations
Named corporations frequently make up the Alberta corporations used for business purposes. When incorporating a named corporation, you decide on the name of the corporation (so long as the name is not already in use) and named corporations offer all the advantages of numbered companies. This link will bring you to the specific details of named corporations in Alberta.
In Alberta, numbered corporations are very similar to named corporations with one obvious exception: the name of a numbered corporation is simply a number assigned by the Alberta government’s Corporate Registry followed by “Alberta” and “Ltd.”, “Inc.” or “Corp”. Numbered corporations are less expensive to incorporate than named corporations as no name search requirement exists prior to registration of the numbered company. This link brings you to the specific details of numbered corporations in Alberta. We also have a page dedicated to the differences between named and numbered corporations.
A professional corporation is a specific type of Alberta corporation which are used by professionals who are members of specific professions, including doctors, accountants, dentists, engineers and lawyers. While professional corporations allow for the tax advantages of incorporating, they often do not provide liability protection. Please click here to learn more about professional corporations here.
Trade Names Vs. Alberta Corporations
Trade names do not make up a type of corporation at all. They, in fact, lack any legal similarity or befit of a corporation. A trade name is a business name that people register with the Alberta Corporate Registry. The trade name offers a limited form intellectual property protection for a business name. Therefore, never use a trade name as a substitute for trademarking a name. Legally, the process offers much less protection to your business. Learn more about trade names in Alberta.
Condominium corporations are one of the types of corporations which are not incorporated under Alberta’s Business Corporations Act, but are instead created pursuant to Alberta’s Condominium Property Act. A condominium corporation gets created legally, upon registration of a condominium plan at the Alberta Land Titles Office. In other words, it consists of all owners of units within the condominium plan.
Societies are legal entities which are registered as organizations pursuant to the Societies Act of Alberta and are often used for non-profit purposes. Once properly established, societies may, in certain circumstances, obtain charitable status with the Canada Revenue Agency. Alternatively, societies, as a legal entity, frequently help maintain a legal standing for a group that is not in the business of making a profit but do not meet the requirements of a “charity”.
Non-profit organizations may obtain a charitable status from the Canada Revenue Agency. One of the advantages of a charitable organization is its ability to issue tax receipts to donors. A charity does not exist as a legal entity on its own. Therefore, it must meet certain requirements pursuant to the Income Tax Act to registered as a charity.
Lastly, charities get their charitable status from the Canada Revenue Agency. The advantage to a charitable organization is that it can issue tax receipts. A charity does not exist as a legal entity on its own. Many rules govern the use of charitable status. Each rule requires strict compliance in order to maintain charitable status.
Help Deciding On Alberta Corporations
The corporate lawyers at Kahane Law Office in Calgary, Alberta can help you navigate the different types of corporations. Our first job will be to determine the right business structure for your new business. If you decide an incorporation is the way to go, we can help you select the right corporate entity to use. Call today and book an appointment. Please feels free to reach our firm at 403-225-8810 locally in Calgary, Alberta or, alternatively, reach us toll-free at 1-877-225-8817 or, lastly, email us directly here.