1. A Company is its own legal entity, separate from its owners and managers.
2. While there can be many beneﬁts to creating a Company, the biggest single advantage is limited liability for the owners.
3. The owners of a Company are the shareholders who elect directors to operate and be responsible for the business. Those directors, unlike shareholders, may be liable for the business and conduct of the Company.
4. A business operated by one person and not incorporated as a Company is known as a Sole Proprietorship.
5. A Sole Proprietor can give his or her business a name, and can ﬁle notice of that name with the Registrar of Corporations of Alberta
6. A Partnership, unlike a Company, is not its own legal entity. Instead, it involves the business relationship of two or more persons who share respon-sibility as well as proﬁt or loss.
7. In the absence of a partnership agreement, a Partnership is governed by the Partnership Act of Alberta.
8. With Ahlstrom Wright as your lawyers we can advise you as to the best way to structure your business…be it a Company, a Partnership, a Proprietorship, or one of the many other options available to suit your needs.
For more information on starting your own company or corporation, please read, “How Do I Start My Own Corporation?“
Are you starting your own company?
Ahlstrom Wright can advise the best way to structure your business!
If you require corporate legal assistance, we can help. Contact Ahlstrom Wright for more information about starting and running your own company.