At Thor, we have resources available to help you make an informed decision regarding the registration of your business. Different types of business structures have different advantages, so it is important you have a general understanding of each.
- Sole Proprietorship: A sole proprietorship is an unincorporated business that has just one owner who pays personal income tax on profits earned from the business. A sole proprietorship is the most common easiest structure to establish, however, the proprietor is personally liable for all functions and debts of the business.
- Partnership: There are many different types of partnerships. Generally, in a partnership, all partners share liabilities and profits equally, however, sometimes partners have limited liability. Contractual partner agreements govern the sharing of revenues and expenses. It is important to structure your partnership appropriately.
- Incorporation: Incorporating is the resulting legal entity that separates the firm’s assets and income from its owners and investors. The owners of a corporation have limited liabilities.
Overall, there are many different advantages and disadvantages of each business structure. As a business owner, it is important to do your due diligence when deciding how to structure your business.
Trade Name and Partnership Forms
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Creating a limited Company in Alberta requires all three forms to be filled out (or fill out all 3 and Pay and Submit Online), we may also require a Nuans Search Download PDF or Pay and Submit Online
Other Corporations Forms
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