# starting a limited business in Alberta



## THE_UNIT (Feb 25, 2011)

I'm moving from SK to AB for a different job opportunity. I will be doing to the same work i do now but i will be consulting for a company instead and need to start my own business. I will be consulting in the oilfield and be the only employee to start. I'm only 22 and was wondering if someone can give me pointers as to where i should start with this and who i should talk to first. I was told mixed answers from accountants to lawyers or other consultants. Does anyone have any experience with this? I figured i would ask on here there is a lot of smart people here. Thanks!


----------



## daddybigbucks (Jan 30, 2011)

what you are doing is so commonplace in the oilfield right now. I would think to talk with anybody that is doing it. The oilfields have everything in place so there is not much you have to do.

I'm sure the oilcompanies do it so they dont have to give you a compensation package when they are done with your services.Just a quick layoff and the tie is severed.

what i have heard from collegues doing it is that they do not make a limited company but just do it personally but im sure different circumstances for them as opposed to you.


----------



## bloschuk (Jul 20, 2011)

I've been consulting for an o&g company in alberta for a few years now. Get incorporated and find an accountant. I pay myself entirely through dividends (write cheques to myself) and DIY invest the rest through my corporate brokerage account.


----------



## Eder (Feb 16, 2011)

Years ago I did something similar...incorporated as a construction business. A few years later I was audited by the taxman, ruled that I was a personal services contractor since 80% of my business was with the same general contractor.

It was a pretty expensive lesson to learn...my second try I hired the best accountant in Edmonton...20 years later I retired.

I would say spend your $$ on the best accountant before incorporating (or even going to work for that matter). He will be worth every penny.


----------



## Plugging Along (Jan 3, 2011)

We're not in the oilfields but do consult with oil and gas. Talk to a good accountant, get incorporated properly, and make sure you structure it properly in terms of how you take your money out. It will vary depending on your situation. You do have to be careful about working for just one company for long period of time or you will be deemed an employee. However, car lifted the two year rule a while back s it's not as much of any issue. I think the accountant is your best resource in this.


----------

