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Starting a business brings an exciting rush of possibilities. You have a great idea, the drive to succeed and the determination to make it happen. But before you print those business cards, you must make some key decisions – starting with your business structure. In Alberta, this choice affects everything from your taxes to your personal liability, so consider a few crucial questions before deciding. Who will join you on this business adventure? Are you flying solo or building a team? Your answer shapes your structure options, which include: Sole proprietorship: You’re the boss of everything – decisions, profits and responsibilities. It comes with simple tax filings but personal liability. Partnership: You and one or more people share ownership, profits and decisions, but a partnership comes with unlimited liability for partners and potential for conflicts. Corporation: A separate legal entity with multiple shareholders, limited liability and tax advantages. For example, a sole proprietorship might work well if you want to open a coffee shop by yourself. But if you and your roommate want to start a web design company together, a partnership makes more sense. How much financial risk can you handle? Understanding your tolerance for financial risk is crucial. Sole proprietorships expose you to unlimited liability, meaning personal assets are at risk. On the other hand, corporations offer limited liability, protecting personal assets. Let’s imagine Alex started a small landscaping business. As a sole proprietor, he had to use personal savings to cover costs when his company truck needed expensive repairs. If Alex had formed a corporation, he might have had more financing options. How much paperwork are you willing to manage? Each structure comes with different administrative requirements. Sole proprietorship: Minimal paperwork and low startup costs Partnership: Requires a formal agreement between partners Corporation: Most complex with annual filings, board meetings, and detailed record-keeping Many Alberta entrepreneurs start with simpler structures and evolve as they grow. Keep in mind that the time you spend on administration can take away from building your business. Further, if you do not have the resources to manage these duties effectively, you can run into costly setbacks and conflicts. Choosing the right business structure lays a strong foundation for your enterprise. As your business grows, you can always reevaluate and adjust your structure to suit new needs, but making informed decisions now can ensure smoother growth and success in the future.

If you are planning to sell your home in Alberta, you’re likely thinking about how to make it more attractive to potential buyers. Renovations can be a great way to increase your home’s value, but they can also be a major headache if not done correctly. Before making changes, you must understand your renovation rights and responsibilities to avoid costly mistakes that could derail your sale. Mistakes in deciding what to renovate When renovating for a sale, not all projects are created equal. Some upgrades can boost your home’s value, while others can have no impact. Worse, they could make your home more difficult to sell.  For instance, overly personalized or luxury renovations might not give you the return on investment you’re hoping for. On the other hand, addressing defective or dangerous property conditions, such as faulty wiring or structural issues, is crucial. These problems can deter buyers and lead to legal liabilities if you do not address them adequately. Mistakes in completing renovations Once you’ve decided on the renovations you want, completing them correctly is crucial to prevent costly missteps and delays. You can avoid significant setbacks by: Obtaining the necessary permits Hiring reputable contractors Ensuring the work is done to code. Failure to take these precautions can lead to costly rework, fines or even legal disputes. Mistakes in permissions Before you start any work, be sure you’re allowed to do it. To check permissions, you can do the following: Check zoning laws: Some areas have strict rules about what changes you can make. Review HOA regulations: If you’re part of a homeowner association (HOA), review their guidelines. Determine if you have a heritage property: Special rules apply if your home is historically significant, so check the local municipal register to research your property. Ignoring these rules can lead to fines, forced removal of renovations or legal troubles down the line. Protecting your investment Renovation mistakes can complicate your home sale and lead to expensive legal battles with buyers, contractors and others. Avoid these errors by planning wisely and adhering to local rules. This approach protects your investment and paves the way for a successful sale.

If you’re preparing for a divorce in Alberta, you likely have many concerns on your mind. One of the most pressing issues is often financial stability. You may be worried about your future financial security and how to negotiate a fair share of your marital assets. In Alberta, the property division process is governed by the Family Property Act. This Act requires spouses to disclose all of their assets and debts to ensure a fair division of property. However, it’s not uncommon for one spouse to try to hide assets from the other. So, how can you uncover hidden assets and ensure a fair property division? By reviewing finances carefully Often, attempts to hide assets leave a trail of clues. You may uncover evidence of hidden assets by reviewing bank account records, credit card statements and income records. For example, you may find proof of payments for a storage unit or a safety deposit box at a financial institution. These records can help you track down hidden assets that could significantly impact the outcome of your property division proceedings. Other signs of hidden assets may include: Inconsistencies in income records or financial disclosures Unexplained changes in spending habits or lifestyle Undervalued or unreported assets If you suspect that your spouse is hiding assets, it’s essential to seek the help of a family law lawyer and a forensic accountant. They can help you locate and value hidden assets, as well as gather evidence of any financial misconduct. How finding hidden assets helps You can’t claim a fair share of marital resources if you’re unaware of them. Thoroughly reviewing financial records and holdings is vital when preparing for divorce. Discovering hidden assets allows you to include them in property division negotiations. Gathering evidence of asset concealment can also be beneficial. If your spouse misrepresents their holdings, they risk penalties from a judge, which could reduce their share of the marital estate. By understanding the potential impact of hidden assets, you can better prepare for a fair divorce and property division process in Alberta.