One of the most important considerations when establishing a new company in Alberta is how to set it up properly. There are several options for business structures, including partnerships, proprietorships and corporations. In partnerships, liability is unlimited because each partner is personally responsible for business debts. The tax returns of each partner must include their personal and partnership incomes. It is also a good idea to consider the type of relationship that exists between partners to identify potential decision-making problems.
Many Alberta business owners have suffered the financial consequences of insufficient protection of their trade secrets. Anything that can adversely affect a business if it becomes public knowledge can be regarded as a trade secret. Business law does not protect confidential information, but many ways exist to protect trade secrets.
When a business in Alberta becomes involved in disputes with consumers, the damage it can cause can have severe financial consequences. Allegations may include franchise disputes, breach of contract, misrepresentation, fraud or unfair business practices. The sensible thing to do would be to prevent such problems, and if they do arise, it is best to seek legal counsel to assist with resolving the issues.
The divorce process can give rise to a variety of disputes, most of which can be resolved with the help of family law lawyers. However, dealing with the division of business assets in an Alberta divorce could be challenging, and it is a process that likely needs the support and guidance of a lawyer who has experience in business and commercial law. A perfect example of such circumstances is the recent divorce of Jeff Bezos, the CEO of Amazon, and his wife of 25 years, MacKenzie.
Every business in Alberta, regardless of its size, is vulnerable when it comes to scams. For this reason, it is essential for business owners to remain alert and keep their eyes open for any red flags that could prevent the typical damages caused by business scams. Fortunately, lawyers who focus on business and commercial law issues can provide valuable advice related to these issues.
Litigation is an expensive process that could be financially devastating to any Alberta business. For this reason, many business disputes are resolved through arbitration. The primary difference between the two methods is that a judge orders the resolve in litigation, while arbitration enables the parties to find resolution through a process that suits their individual needs.
Many entrepreneurs in Alberta who decide to buy businesses focus on nothing other than the price. Some think the success of the purchase depends on their ability to negotiate a better price. However, the lowest possible price might not be the most critical consideration. An important question is how much of his or her own funds the entrepreneur is willing to contribute to the purchase of the business because that might provide more leverage during negotiations, and encourage lenders to offer additional resources.
Business owners in Alberta face a multitude of challenges. One of those is theft, and commercial law allows steps to be taken to minimize theft opportunities and protect assets. Many owners choose to utilize legal counsel to assist with establishing a strategy to prevent theft -- both external and internal.
In addition to price, other critical questions need to be asked before purchasing an existing enterprise. Entrepreneurs in Alberta who are first-time business buyers might focus on the price alone, not realizing that other important factors must be considered to improve the chances of success. The first question would be for the purchaser to determine how much in personal funds he or she is willing to commit to secure the deal.
Labour shortages are a constant concern for farms across the country, with many farmers seeking temporary foreign workers to fill in the gaps. Twenty groups representing various Alberta farmers have recently begun lobbying for a review of the business law related to this important issue. The agricultural industry says 2014 changes to the law, designed to remove loopholes and prevent abuses, are making it difficult to bring in the workers they need.