Lawyers To Incorporate Your Business
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 in Calgary help clients set up your company correctly the first time. Protect yourself and your business today. Call 403-225-8810 to learn if incorporation is right for you.
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 shareholder liability personally. Learn more about the advantages here.
Incorporation Lawyers Help You Name Your Company
The laws in Alberta dictate that all corporations include an identifier. This identifier indicates that a business name actually legally exists as a corporation. The following are all legal names for incorporated businesses. If you want a named company, then you decide which name works for you. That said, you must include 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. If you are incorporated in another province, then you may need to extra provincially register in Alberta.
Why Hire A Incorporation Lawyer To Incorporate Your business?
It is important to incorporate your business properly. Several consequences routinely emerge if you fail to do so. For example, we see clients impacted in the following ways if they fail to incorporate properly:
- Costs them money;
- Leaves them open to defending a personal lawsuit;
- Have creditors attach to personal assets;
- Keep them from selling their business;
- Cost more in taxes and/or face a reassessment of taxes;
- Open them to tax fines/penalties; and lastly
- Keep them from getting business financing from banks or other lenders.
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. The provincial government assigns numbered company these numbers 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. However, we note that if you later decide on a names company, we help clients 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
Many options exist on how to structure your company. In some cases, changing corporate structure down the road is an easy matter. At other time, those changes cost the business significantly. Of note, the best course of action is to structure it right the first time. Our business incorporation lawyers help you decide on key components of structuring your company. For example, whether you start an operating company or a holding company, we held decide:
- 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 directors of 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; and lastly
- Create rules that you require for your specific company.
Maintaining Your Corporation
We want to remind people that setting up the corporation is only the first step. In other words, ongoing, annual filing and minute book requirements continue in the years to come. Failing to file annual returns, hold and pass resolutions for annual shareholder and director meetings, and properly recording other changes, often adds to significant extra costs to the corporation. In some cases, failing to maintain these records annually leads to the loss of lender financing or completion of corporate purchases or sales. Lastly, the cost of Kahane Law Office maintaining your annual filing requirements is low.
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. Most important, 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. Click here to learn more form incorporation lawyers. We also have more information on the benefits of incorporating.
What Happens When You No Longer Need A Company
Sometimes people stop needing a corporation. They may amalgamate businesses, roll them over into new businesses, retire, or, unfortunately, go out of business. When you no longer need or use your Alberta corporation, it is best to dissolve it. This can end your liability moving forward. It also ends your legal requirement to file taxes moving forward. Lastly, it is a quick an inexpensive process to voluntarily dissolve your corporation.
Finding An Incorporation Lawyer In Calgary, Alberta
Start off right. A solid foundation helps you and your business moving forward. The incorporation lawyers at Kahane Law Office help with your business incorporation legal needs. We can be reached at 403-225-8810 locally in Calgary, Alberta or toll-free at 1-877-225-8817 or email us directly here. In addition, our planned opening of our Edmonton, Alberta location is expected soon.