As a Canadian business, he could choose between Limited, Incorporated, Corporation, or any of their abbreviations (Ltd., Inc., and Corp.) as his legal identifier. While 2 Bits Barbershop still fit most of those criteria, he’d need to add a legal identifier in order to incorporate his business. Oscar remembered that his AMA Certified Business Expert outlined the basic criteria that every business name should try to meet: Oscar was still attached to the name 2 Bits Barbershop, but since his trade name would be dissolved, it would have to be registered again as the name of a limited corporation. Register as a limited corporation with Articles of Incorporation.Ensure the chosen name for the new limited corporation is available with a NUANS request.Dissolve the existing trade name with a Declaration of Ceasing to Carry on Business Under a Trade Name.Thankfully for Oscar, an AMA Certified Business Expert could walk him through the process, and all the forms he needed were available on the AMA website. To register as a limited corporation, Oscar was informed he needed to follow these steps and complete the proper paperwork at each stage of the process. Specifically, registering his business as a limited corporation would let Oscar take on investors to support the development of additional locations. 2 Bits Barbershop was already registered as a trade name, and Oscar was interested in the funding options that incorporation would make available. With the help of a Business Link Strategist, Oscar reviewed the different business structures available to Albertan entrepreneurs: trade names (also known as sole proprietorships), partnerships, and limited corporations. They also discussed additional considerations Oscar might need to make depending on the choices he would make while preparing his business for growth. Oscar learned there are three things a business owner needs to consider updating when they’re growing their business: name, structure, and corporate records. Oscar got in touch with a Business Strategist at Business Link to learn what steps he needed to take before 2 Bits Barbershop could open new locations in Alberta. The only way he could do that was opening more locations to meet the increase in demand. Eventually, it was more then he could keep up with, and Oscar knew he needed to make some changes if he wanted to keep all of his customers happy. After a few years in business, Oscar’s barbershop was turning a profit and seeing a steady stream of returning customers.
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