ALBERTA TRADE NAMES & PARTNERSHIPS
A declarant can be an individual, legal entity or other entity.
A name under which a business operates is called its trade name. A sole proprietorship, a partnership or a corporation can do business under a trade name. You can register a trade name and although this does not provide right of ownership to that trade name, it does provide proof that you have done business under that trade name from a certain date. Although it is not mandatory, it is recommended that a search be done prior to registering a trade name.
Proprietorship or Sole Proprietorship
A sole proprietorship is the simplest of all business organizations. When a person decides to operate a business without any formal business structure in place, that person operates a sole proprietorship. Quite simply, an individual with goods and services to offer conducts business either under their own name or under another name.
Unlike a registered corporation, a sole proprietorship is not a distinct entity apart from the individual. The sole proprietor owns all the assets of the proprietorship. Income from the business forms part of the personal income of the sole proprietor and is taxed accordingly. Therefore, an important reality of operating a sole proprietorship is that the owner has unlimited liability for the debts and liabilities of the business. When the sole proprietor dies or retires, the sole proprietorship ends.
In a partnership the business is owned and operated by two or more persons. These partners own all the business assets, share the profits and are jointly and separately liable for the partnership debts and liabilities. A debt of the partnership can be collected from any one of the partners or any combination of the partners. Fundamentally, each partner acts on behalf of the partnership and on behalf of the other partners.
A partnership is a contractual agreement that can be dissolved upon expiration of the partnership agreement or sooner by agreement of the partners.
A limited partnership differs from a general partnership in that in a general partnership all partners share equally in the responsibility and liability of the company. In a limited partnership there can be some general partners with unlimited liability, but also limited partners who will not be liable for the obligations of the limited partnership except to the extent of the capital which they have contributed.
WHAT YOU NEED TO REQUEST, AMEND OR DISSOLVE A TRADE NAME OR PARTNERSHIP
TRADE NAME/SOLE PROPrIETORSHIP
Contact Registrations Are Us, we will help you through the process.
For Additional Information