Deciding to open your own business was not a small decision you hastily made. It was the first decision of a lot of decisions – and likely one of the bigger ones you’ve made in your life – you will now be making. Some of the things you need to decide are: do you operate out of a home office or office space downtown; do you create your own website or hire someone to build and manage it for you; and how will you set up your business structure?
It’s an exciting and overwhelming time as you plan your future as your own boss, and there’s a lot of paperwork that goes along with the decisions you are making. We’re good at that and are happy to help you navigate the paperwork that comes with setting up a business in Alberta.
While there’s a lot involved with setting up a business, in its simplest form there are three steps you need to follow:
Step 1: Decide how you will structure your business
Should you set yourself up as a trade name, partnership, or as a limited corporation?
How you structure your business is one of the most important decisions you will make, so read How to Select a Business Structure to learn more about the different structures to help you make your choice.
Step 2: Select a name
Once you know how you want to structure your business it’s time to select a name.
- If you decided to set up your business as a trade name/partnership, learn what to keep in mind when choosing your business name.
- If you decided to set up your business as an corporation, learn what elements to include for a good corporate name
Step 3: Register your new business or corporation
Now that you’ve selected your business structure and chosen your business name, it’s time to register your business or corporation and move one step closer to opening your doors for the very first time.
Make sure you’ve got the proper paperwork filled in, and learn what’s needed to set up your business or corporation: