Should You Register Your Business Name, And How Do You Do It?

In the province of Alberta, the act of registering one’s business name is required by law unless if it is a sole proprietorship using the owner’s legal name with no additions. Therefore, it is important that prospective business owners understand the process of selecting a form of ownership and company name, as well as how to register it successfully.

Choosing Your Form of Business Ownership

Before even registering, you need to carefully consider how your business will be organized legally. After deciding whether you intend to function as a sole proprietorship, a partnership, corporation, or a cooperative, you are then ready to take the process further. Be sure to recognize your needs as a business owner and the type of ownership best suited for your company before moving further.

Selecting Your Business Name

For sole proprietorships in Alberta using your legal name — known as a trade name — without any additional words, you don’t need to worry about registration at all. However, this can’t apply to every company out there and as a result, any other type of business ownership requires name approval by the provincial Corporate Registry. Try searching online for your intended business name to see if it is already being used, as doing so will better protect you from trademark and other legal issues later on. Also, it is important to note that LLP names must be unique, so a bit of research goes a long way in making the process easier. Aim for a name that is short, uncommon, concise, and to the point to make it easy to search.

The Registration Process

Now that you’ve decided upon the name for your business, it is time to move on to the registration process. Owners first need to submit their name through Alberta’s Corporate Registry. Their computer system (CORES) enables for business information to be keyed digitally, which in layman’s terms means that you don’t need to worry about filling out forms. Next, you’ll need to present your information to an authorized service provider or Registry Agent. As the government doesn’t regulate registration fees, prices can vary from place to place. Try downloading the Registry Agent Product Catalogue to get a clearer picture of where you can find the best rates. For trade name declarations, the Alberta Business Service Centre lists sample applicable registration fees at $40 to $50.

Corporations require extra work and a larger investment for successful registration. You’ll need to provide the corporate name and address, describe your corporate structure, identify what type of corporation you intend to establish, and also provide detailed information about the directors, complete with their names, addresses, and Canadian residency status. Corporations require a NUANS search performed in your chosen name, and the report from the search needs to be brought to an accredited service provider. Also, you’ll need to prepare Articles of Incorporation, a cover letter, and an incorporation application that accompanies your fee. Be sure to consult the Alberta Corporate Registry site to learn what other information or procedures are required, and to get an idea of what the extra fees are. Note that as with partnerships, cooperatives or sole proprietorships, rates aren’t regulated.

In conclusion, you are required to register your business name in Alberta unless it is a sole proprietorship only using your legal name. Therefore, understanding the mechanics and intricacies of the appropriate process for your type of ownership is key in order to avoid extra fees or legal hurdles. If you require assistance with name registration or financial planning for business owners, consult your financial advisor at The Beacon Group of Assante Financial Management Ltd. to learn your best course of action.

 

Help Your Aging Parents Sell Their Home

As your parents age, they may decide to sell their current home and move into one that is better equipped for their needs.  As they get older, the stress and uncertainty of the selling process can be difficult for them to deal with; that’s where you can help save the day by stepping in to navigate through the process. Here are some tips on how you can help your aging parents sell their home:

Hire a Realtor

Hiring a real estate agent can make the selling process much easier; plus, a realtor has the knowledge and expertise to help find and negotiate with the right buyer faster than you could on your own. You can help smooth over the process by taking part as the middle man. That way you are fully involved and can help guide the real estate agent as needed, ensuring your parents are getting the best advice and service possible.

Review the Costs

The total costs can come as a shock when the whole process is said and done. Doing the necessary research for your parents can guarentee they aren’t left with any surprises. Knowing how much it will cost to pay the realtor, arrange for home staging, moving costs, legal fees, new insurance premiums, and closing costs is important. What you don’t want is any hidden costs that may put your parents in an unfortunate financial situation.

Home Inspections

Your parents may not be as mobile as you, so taking on the task of inspecting the homes first may be a good idea. You can take pictures and create detailed lists of all the property features and prices. That way your parents can avoid the exhaustion of running around the city and instead select a few to look at on their terms.

Transaction

Your real estate agent and lawyer can take care of most of the transaction details for you, but when it comes to signing, it may be wise to review all the agreements. It will give your parents peace of mind that someone that they love and trust has also looked to make sure everything is correct.

Moving

Packing up a whole house full of items may be too much for your parents to handle. Arrange for family members to come and pitch in on the packing and unpacking; hire a moving company who can transport and move everything for your parents.

Giving your aging parents a helping hand in the sale of their house can make it a much easier transition for them. Hiring professionals that can help guide them is also a good idea, you will know you’re getting the best services and price for your parents.

Becoming Grandparents for the First Time

It can be quite a joyful experience to meet your grandchild for the first time. What an adventure you’re in for! If you are experiencing some nerves about your new role and where you stand, don’t worry – it’s common. You can’t help but want to be the best grandparent you can be.  Here we provide several tips to help you ease into becoming grandparents for the first time:

Focus on Support

As a grandparent, your focus should be on supporting the parents through this challenging time. You’ve been through this all before, but they haven’t; so, they may need guidance and someone to talk to. Don’t be too overbearing by telling them what to do, instead, listen for what they need and offer help. It can be hard to keep your thoughts and emotions contained, especially if you disagree. It’s important you let your children raise their new baby on their own terms.

Mend Broken Wounds

If you are divorced from your child’s other parent, now is the time to mend those wounds. You are now grandparents.  Getting along with one another will make everyone’s life a lot easier; especially when it comes to visits and events that revolve around your new grandchild.  You don’t want to be left out because of stubborn animosity.

Give Parents a Break

Taking the new baby for an afternoon while mom and dad get some personal time can be a big help. Find ways you can step in and save the day. Whether it be making meals, running errands, or babysitting. Forgive and forget when your child becomes bad-tempered or cranky – being a new parent is hard, remember? Just offer your help and let them know you are there when they need you.

Follow Their Rules

This time you don’t get to be the parent. It’s hard not to be the one in charge, but this time you have to follow your adult child’s rules when it comes to their baby. If they say no TV, phones, or bedtime at eight you should respect their wishes and follow their routines.

Don’t Spoil if Not Welcomed

It’s hard not to want to spoil your new grandchild, but first make sure you talk to the parents about their expectations and wishes when it comes to shopping. You don’t want to overstep your boundaries as many first-time parents want to make the choices themselves on what to buy their kids. Knowing what they need and want, and not going outside the boundaries, will help you to stay on good terms.

Becoming a new grandparent can be scary at first, by focusing your time and efforts where it’s needed can lead you to being the best grandparent you can for your new addition to the family.

Will a Codicil Suffice?

When you have a will, it’s crucial to keep it up to date and current. And if you have undergone changes that can affect your beneficiaries, you should review your will and consider making an amendment. Depending on the complexity of the changes, you may be able to draft a codicil instead of an entirely new will. A codicil is a legal document that issues a minor amendment to your will and can be beneficial in certain circumstances. But knowing which one is the better choice may not always be clear-cut.  Here we explore whether you should consider a codicil when looking to make a small revision to your will.

When to use a Codicil vs. a Will

Codicils are best used when there is a small and inconsequential change that you need to make to your will. For instance, you need to adjust the distribution amount of some of your monies to a beneficiary, a name change of a beneficiary, or new instructions for your burial, a codicil will suffice. However, if the changes will directly affect the beneficiaries or include a large change in assets, a new will would be a better option.

Benefits of a Codicil

Drafting a codicil is usually a financial preference. It can be much more cost-effective than drafting an entirely new will.

Risks Involved

If not edited properly, you could accidentally remove important information affecting your overall will or result in contradictory sections. You also risk the chance that the codicil may become separated from the original will, and as no one is aware of its existence, the changes won’t be considered. In some cases, if there was more than one codicil, the changes may not be properly understood.  This is especially true if one of the documents is missing.

Procedures for Drafting

The procedure for creating a codicil involves following the same signing formalities as when you created your original will. This process will involve signing in the presence of witnesses and a notary. This ensures if there is a dispute over anything involved in the will, there will be someone who was present to explain what the deceased person intended when drafting and signing it.

The laws that surround the validity of codicils can be challenging to mitigate. If you’re unsure if a codicil is right for you, contacting a reputable firm to help you navigate the laws and procedures can help you make the best choices for you and your beneficiaries.

 

To learn more about estate planning, book an appointment with The Beacon Group of Assante Financial Management Ltd.

 

Should You Trademark?

Your business logo and name are your company’s unique symbols of your brand and reputation. It’s also what consumers use to distinguish you from other businesses and your competition. And by registering a trademark you can protect your rights to your brand and prevent others from trademark infringement. If you’re currently not sure whether you should initiate the process, first check out these five reasons why registering a trademark can be beneficial to your business.

  1. Increase Brand Trust

The purchasing decisions of consumers are highly influenced by trademarks. Your brand and image capture customer attention and build trust that leads to sales. Without a trademark, customers may not be able to find you and will struggle to distinguish you from your competitors. Plus, your brand and trademark are the first things customers will search for online when looking for your products and services. Without a trademark, you risk your competitors getting the upper hand on market share.

  1. Own Legal Rights

In Canada when you register your trademark, you gain exclusive rights to use it for a period of 15 years, with the options for renewal afterward. Your trademark is then protected from misuse by law through legal title. And by registering your trademark with the Canadian Intellectual Property Office, there is official evidence that you own that trademark. If someone wants to dispute it, then they will have to prove they own the trademark, not you.

  1. Avoid Trademark Infringement

You don’t want others using your company name and branding, otherwise known as trademark infringement. But it can easily happen, especially since anyone can register a domain name online. Cybersquatters are common threats to your business if you do not have a trademark. These are people who buy up domains that use the existing businesses name and then sell them back to the owner for a large sum of money. By registering your own trademark, you ensure your brand cannot be vulnerable to cybersquatters.

  1. Own a Valuable Asset

Your trademark can be bought, sold, licensed, or even used to help you secure a loan. And as your business and reputation grow, your brand becomes more valuable. There may come a time that other businesses may even wish to purchase your brand and for a very attractive price.

  1. Attract Employees

Employees are attracted to brands that have good reputations. You can simply improve your employee retention rate by having a recognizable trademark that people are familiar with and grow to trust.

Registering a trademark can promote branding of your business, leading to increased sales of your product and services, along with providing protection from trademark infringement.  If you’re still unsure if trademarks are right for you, seek advice from your financial advisor at The Beacon Group of Assante Financial Management Ltd.