Types of Business Structures in Alberta
Verhaeghe Law Office has been advising clients on business structures and providing business law advice since the firm was founded. We have helped thousands of Albertans with their business law needs and are committed to providing legal advice that puts our client’s best interests first.
Below is a list of different types of business structures available in Alberta. This list is not an exhaustive list nor is it intended to act as legal advice. We recommend you consult with an Alberta business lawyer or corporate lawyer if you are looking to start a new company. Your business lawyer will be able to guide you on what type of business structure works best for you based on your unique business goals, financial circumstances and available resources.
Here is a basic list of the types of different business structures available in Alberta.
- Corporations: In Alberta, you can incorporate different types of corporations such as a non-profit company, religious society, society, Alberta-based business corporation and more. There are lots of tax advantages as well as benefits to incorporating a corporation. Speak with a business lawyer to see if this is the right type of business structure for you.
- Sole Proprietor: Sole proprietorships require less paperwork than corporations do, have fewer business fees and are considered a simplified business ownership structure. You get to be your own boss and keep the profits and you have maximum privacy this way. And if circumstances change, it’s rather easy to change the business structure. Speak to a business lawyer from Verhaeghe Law to see if this type of business structure suits you.
- Partnerships: In Alberta – a business partnership consists of two or more legal entities who combine their resources to operate a shared business. The legal entities that comprise the corporation may be individuals, corporations, trusts or other partnerships to name a few. There are a lot of pros and cons to establishing partnerships and we recommend you speak with a business lawyer to go over whether this option is best suited for you.
- Joint Ventures: This type of business structure is an arrangement that involves two or more parties similar to a partnership. A contract governs the nature of the relationship between all parties and outlines who is responsible for what. This type of agreement is called a joint venture agreement. Preparing a joint venture agreement is best done by a business lawyer or someone who understands business structures and business law.
- Other: There are also other forms of business structures available such as subsidiaries, cooperatives, contractual relationships and branches. For more information on these other types of business structures and whether it would be best suited for you, we recommend you consult with a business lawyer.
Book a consultation with one of our Alberta business lawyers today
With offices in Whitecourt, Athabasca and Edmonton – our legal team can get to work on your corporate legal matters immediately. Contact Verhaeghe Law Office today by dialing 587-410-2500 and speak with a business or corporate lawyer today.
Disclaimer: Please note this article is intended to act as a general overview on a topic and does not constitute legal advice. Each situation requiring legal advice is unique and we recommend speaking with a business lawyer or commercial lawyer or corporate lawyer from Alberta regarding your business law matters.