There are three types of businesses you can choose from:
A Sole Proprietorship is a type of business owned and operated by one person or a company. It is the simplest business structure.
A Partnership is a business structure in which two or more individuals or companies share ownership and responsibilities. Partners contribute to the business and share its profits and losses.
Incorporation is a legal process that creates a separate legal entity for the business. It can be named or numbered and provides limited liability protection to its owners.
You will need your valid photo identification and the necessary forms, which can be downloaded from the website. Corporate Registry forms for businesses | Alberta.ca
After completing the registration, you will receive a separate email from the corporate registry containing your business number. You can then apply for your GST number from the Canada Revenue Agency.
Incorporation is the most common way a business is structured in Alberta because of the advantages of limited liability a corporation offers.The principal advantage of incorporating is that a corporation has a legal existence separate and apart from its owners (the shareholders).A corporation has all the powers of a person. A corporation can own property, enter contractual relationships, earn an income, suffer a financial loss and retain profits, and sue and be sued in court.A corporation can also have more sophisticated ownership and management structures than a sole proprietorship,which is limited to one owner.
There are also significant tax advantages to a corporation that are not available to a sole proprietorship.If you are interested in incorporating or otherwise opening a business in Alberta, please reach out to New Urban Registry at services@newurbanregistry.com
