Important things to consider before starting a small business in Alberta.

Small businesses play an important role in Alberta’s business landscape. They represent an overwhelming majority of businesses in the province. They fit into a variety of domains and niches and can be found in almost every corner of the province. In many ways, they fuel Alberta’s growth and development. It is quite evident that the larger multinational companies rely heavily on small businesses for countless goods and services. Alberta is considered to be one of the best provinces in Canada to establish a small business. Compared to a national average of 12.1 percentage, Alberta’s growth in terms of small businesses is higher at 19 percent.  – Alberta Small Business Profile.

However, most of the small business owners are tied into some legal obligations. Below are few important things to consider if you a are a small business owner:

Choice of Ownership:

Choosing the right ownership is one of the first and most important steps for your business incorporation. Your type of business may have direct or indirect implications for various liabilities, risks, patents, taxations, etc. Three generally used types of business structures are – sole proprietorship, partnership, and corporation. It is, therefore, important to understand each one of these from your business perspectives. In cases of uncertainty, one must consider getting help from a business lawyer.

Our Business Lawyers at Right Legal can help you with any advice related to your company’s structure.

 

Intellectual Property Issues

You must consult an IP expect to make sure your business qualifies for it. Most of the times, small business owners ignore the importance of maintaining an Intellectual Property, but in long-term it may turn out to be a valuable asset.

 

Taxation and Compliance 

Handling tax liabilities can be challenging, especially if you are a first-time business owner. You may end up spending a lot of time if you are not familiar with the existing tax laws or any recent changes. Also, there may be ways to balance the tax liabilities if you can get help from a right lawyer. One of the key advantages of assigning the tax-related issues to a lawyer is, you can relax and focus on your operations, without the fear of failing to comply with the tax rules.

 

Employment Terms

As an employer, you must be aware of Alberta’s employment laws relating to wages, employee standards and hours of operations. The details of employment laws in Alberta can be found here.

Before hiring an employee, you must ensure that you have legally binding documents related to an employment contract, which can be referred to in cases of conflict.

 

You can read more about major legal issues faced by small business.

 

 

 

 

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