Changing The Name Of Your Corporation
Corporate name changes happen often for a variety of reasons. Legally, the protection and benefits you get from having a corporation do not change if your corporation is a named company or numbered company. Even though this is the case, many people want to change the name of their corporation each year. It is essential to do this correctly to protect yourself and your business. The Corporate name change lawyers at Kahane Law Office in Calgary, Alberta (403-225-8810) can help. The cost of changing your legal corporation’s name with a lawyer is very low and can be done quickly.
Are You Changing Your Corporation’s Name?
Each and every year, thousands of Canadian corporations decide to change their names. This decision can be made for a variety of reasons. Common reasons for corporate name changes include:
- Merger with another company;
- Change in type of business;
- Brand has suffered a public relations problem;
- Expanded corporate services;
- You want the public record to reflect the name of the corporation; or
- Non-legal entity trade names or “operating as” no longer ideal.
Regardless of the reason behind the decision to change the corporation’s name, you will always need to file a variety of legal documents with the Canadian government indicating the change. In order for the new name to be a legal corporate entity, you must follow the exact rules regarding corporate name changes.
How Corporate Name Changes Are Legally Completed
In order to legally change the name of a corporation, it is important for the proper steps to be completed. All corporate name changes will require a resolution of corporate name change of the shareholders. These will have to be properly recorded in the corporate minute book. There will also have to be the appropriate articles of corporate name change after registering the corporate name change with the Alberta government.
What Happens If The Name Change is Not Done Legally?
If a non-legal name is used when doing business there can be sever consequences. A corporation is only a legal entity because the law in Alberta makes it one. A non-legal corporation is only a trade name or business name. This means that there are none of the rights and protection given to them. The result of this means that the following may a consequence of a corporate name change not being done correctly:
- Lose liability protection as a corporation
- Personal liability of business owner
- Loss of tax write offs
- Being taxed as an individual not the corporate tax rate
- Being taxed on full annual income.
Business Is Risky Enough – Don’t Add Risk
A legally binding corporation ensures that all officers and employees of your corporation are on the same page – and assures that what the government sees in your various filings is accurate and matches up. Service Alberta, the government department that mandates the corporate name change requirements set the rules for properly changing the name of your corporation. You do not have to worry about the basics of your business if you contact one of our Calgary, Alberta, corporate name change lawyers. Let us take care of the documents – and let you to continue to build your business.
Finding a Corporate Name Change Lawyer in Calgary, Alberta
The corporate name change lawyers at Kahane Law Office can help with your business incorporation legal needs. Connect Today. We can be reached toll-free at 1-877-225-8817 (or 403-225-8810 locally in Calgary, Alberta), or email us directly here.