Starting a New Business Venture? Don't Forget the Legalities!
Starting a business in Alberta involves several considerations and processes, including: creating a business plan, setting up your operations, hiring employees/contractors and addressing legal structuring and risk management strategies. Entrepreneurs are often able to plan and structure several of these aspects directly, however, they will generally benefit from professional advice with respect to reliably structuring their venture. Legal structuring and risk management strategies are key aspects of starting a new business venture. It is with these considerations in mind that prudent entrepreneurs seek legal advice during the initial stages of setting up their business.
Incorporate Your Business
One of the most important steps in setting up your business is to consider incorporating an operating corporation, to protect you from personal risk and liability. In Alberta, getting your business incorporated includes the following processes:
- Deciding how you want to name your corporation.
- Completing the articles of incorporation.
- Establishing the initial registered office address and first board of directors.
- Issuing shares to the shareholders
- Filing the required registry forms and paying the related fees
- Creating a minute book of corporate records
Get Your Intellectual Property Registered
To begin with, it is always preferable to get your business name, logo and other brand identifying elements trademarked initially itself. You don’t want to end up spending a fortune later on trying to fight an infringement case. You can also consider patenting your idea (if it is unique and forms the basis of your business). Imagine if PlayStation was not patented what a loss it would have been to Sony.
Get the Necessary Tax Identification Numbers, Licenses, Etc.
A federal tax identification number, or employer identification number (EIN), acts like a social security number and is required for corporations and LLCs that will have employees. Contact your state's taxation department to learn if a state tax identification number is required in your state. Your legal and accounting professional will be in a better position to elucidate more on this aspect.
Hire a Lawyer
If you are clueless regarding the legalities of starting a new venture, then it makes sense to hire a lawyer to help you with the process. The legal attorney will be able to enlighten you about the relevant laws. They will be able to guide you through the process and advise you on your business decisions. You can hire a lawyer based on referrals from friends and family or look for credible reviews and testimonials online.
You can connect with us to hire a legal professional to help you with the legalities of your new venture.