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For more information on our Corporate Registry Services, please
click on the links below. Should you require more information
or require one of the following services, please contact our
office at (403)528-8800 or stop in and see us!
Congratulations on
starting your own business!!!
You may be a physician, a
carpenter, an attorney or a financial advisor, but from a
legal point of view your business is organized as a
proprietorship, partnership or a corporation.
The Medicine Hat Licence Centre can help you with this service. There are three different
ways to register a company with Alberta Registries:
Proprietorship (Tradename)
A Proprietorship is a
business owned and operated by one individual or legal
entity. It is not considered a separate legal entity under
the law but an extension of the person/company who owns it.
The owner has sole possession of business assets and is solely
responsible for business debts. The income gained from a
proprietorship is taxed on its owner's income tax return.
Registering as a Proprietorship does NOT however give you the
rights to the name. If anyone decided to incorporate under
that name you can be forced to change your name.
Partnerships
A Partnership is a jointly
owned company with two or more partners. There can be an
unlimited number of partners, but we do require a signature
from all partners when registering. Like a Proprietorship, a
Partnership can be owned by individuals or by legal entities
and it also does not give you sole rights to the name. Partnership income is
reported on the income tax returns of its partners. Partnerships can be general
or limited:
General Partnership:
A general partner is the
partner who administers the business of the Liability
Partnership. In a general partnership, two or more persons
jointly own a business. A partnership will usually register
and operate under a business name. Collectively, the partners
share full ownership of the business assets and full
responsibility for its debts as well as responsibility for
running the business. While the responsibility for liability
can be modified by agreement among the partners, partnership
creditors usually have recourse to the personal assets of all
partners for payment of partnership debts. So be careful!!
If you enter into a partnership you may become liable for all
its debts - including those that your partner(s) run up
without your knowledge.
Limited Partnership:
In a limited partnership,
business ownership is shared between a general partner (or
partners), and a limited partner (or partners). General
partners have unlimited liability for partnership debts and
are involved in running the business. Limited partners
contribute capital and share in business profits or losses but
do not participate in running the business and are liable only
to the extent of amounts contributed. The rights, responsibilities
and obligation of both limited and general partners should be
specified in a written partnership agreement. For any kind of
partnership, limited or general, it's a good idea to have such
and agreement.
Corporation
A Corporation is a legal
entity that is registered under the Business Corporations
Act. You can incorporate with a numbered name in which you
are just given the next available number in the Corporate
Registry database or you can register with a name, in this
case you will be given sole rights to that name. If you
decide to register with a name you will be required to run a
Corporate Name Search (NUANS). This can also be done at
The Medicine Hat Licence Centre.
Once you have obtained the results of your name search, you
can then proceed with the registration of your company. All
of this can be done for you within 24 hrs at
The
Medicine Hat Licence Centre.
2805 - 13th Ave. SE Medicine Hat, Alberta T1A 3R1
(Located across from the Co-op Mall) Phone:
(403)528-8800
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