Numbered Companies In Alberta
At times, individuals require a new corporate entity, but the corporation serves as a functional entity rather than one the public interacts with. With an Alberta numbered company, the corporate registry assigns a number which then includes a n”Alberta Ltd.” suffix. The numbers are sequential and yo do not get to pick your favourite number. The corporate lawyers at Kahane Law Office in Calgary, Alberta are able to help you incorporate with a numbered company. Service for a numbered company is fast and at a low flat rate fee. Use this link if you want to read about the differences for named and numbered companies.
What Is A Numbered Company?
A “numbered company” is a business corporation incorporated without choosing a unique and distinctive name. You incorporate using a ‘number’ name, for example, 123456 Alberta Inc. The Alberta Corporate Registry assigns the numeric portion of the name. ‘Alberta’ always forms the second part of the name (after the assigned number). The last part of a corporation name is the ”˜legal’ element. All Alberta limited corporations are all required to have a legal element at the end of the name.
Why Use A Numbered Company?
Legally, there is no difference between a named company and a numbered company. People chose to use a numbered company for a variety of reasons. Remember that numbered companies offer the same shareholder protection as named companies. The reasons people prefer a numbered company to a named company include:
- More affordable: it is cheaper to incorporate numbered companies to named companies because they do not require a NUANS search and take a little less work to put together.
- Anonymity: While who the shareholders of a company are remain a searchable public record, a numbered company does not give any indication as to its ownership.
- No frill: If a company will not be publicly visible, such a s a holding company. In these cases having specific names is irrelevant.
Types Of Legal Corporate Name Endings
The legal element in The Business Corporations Act (Alberta) permits a variety of alternatives corporate suffixes. For example, these include:
- Inc.; and lastly
You may choose one of the standard legal elements above when you set up a numbered company in Alberta.
What Does Limited Or Ltd. Mean In A Company Name?
The word ‘limited’ at the end of a Canadian corporation’s name denotes that liability of the corporation’s shareholders is limited to the money they paid to buy the shares. Please note that in some unique and extreme circumstances courts “pierce the corporate veil” and assign personal liability to a shareholder. In contrast, ownership by a sole proprietor or partnership carries unlimited personal legal responsibility for debts incurred by the business.
How To Incorporate A Numbered Company
The process of incorporating a numbered company in Alberta is the same as incorporating a company with a unique and descriptive name.
Numbered Company Articles Of Incorporation
The Articles of Incorporation set out the legal structure of the corporation. The legal structure includes the share classes and associated rights. The articles also include any restrictions (if any) that you place on the business and the trading of shares.
Registered Office For Numbered Companies
A legal requirement exists to select both a “registered” office and a “records” office. The corporate addresses for both, and they may legally be the same, must be set from the start. The law allows for a change to either or both addresses at any time. The registered office needs to be a physical location in Alberta. This is to allow a mechanism to legally serve the corporation with any documentation requiring service.
You may wish a lawyer’s office to be the registered address. The records address, when it is not the same as the registered office, also needs to be physically located in Alberta. If you do not have mail service at the registered office you will need to provide a mailing address in Alberta for your corporation. It is also very important to update this information should there ever be a new address for the corporation to receive paperwork to.
After that, you require designated founding director(s) of your corporation (for corporations that are not reporting issuers you are required to elect one director at a minimum). The law requires directors to be adults. There is also a requirement, under Alberta law, that at least one quarter of the board must be resident in Canada.
Setting Up Your Numbered Company Correctly
The business and start-up entrepreneurial lawyers at Kahane Law Office assist you in drafting your articles of incorporation and associated forms, creating your minute book, and preparing the necessary directors resolutions, shareholders resolutions, corporate bylaws, share subscriptions, and lastly, share certificates to ensure that your corporation is formed properly and in good standing. Remember that shelf companies are no longer needed to incorporate quickly.
Incorporating A Named Company In Calgary, Alberta
The corporate lawyers at Kahane Law Office in Calgary, Alberta can incorporate a numbered company for your business venture. Contact us today to speak with one of our corporate and business lawyers who can help you to incorporate your numbered company and get you everything you need, legally, to ensure your business is a success. Fast, friendly and cost effective solutions for your corporate needs. Feel free to reach us at anytime by our toll-free at 1-877-225-8817 (or 403-225-8810 locally in Calgary, Alberta), or email us directly here.