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ARTICLE · 21 SEPTEMBER 2005

Update –- Alberta Unlimited Liability Corporations

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Amendments to the Business Corporations Act (Alberta) (the ABCA) providing for the incorporation of unlimited liability corporations are now law. Those amendments also include several other provisions of particular interest to tax practitioners such as changes to the corporate incest rule and the share dividend provisions.

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This article was originally published in Blakes Bulletin on Cross-Border Tax - May 2005

Article by Doug Richardson and Wanda Rumball, ©2005, Blake, Cassels & Graydon LLP

Amendments to the Business Corporations Act (Alberta) (the ABCA) providing for the incorporation of unlimited liability corporations are now law. Those amendments also include several other provisions of particular interest to tax practitioners such as changes to the corporate incest rule and the share dividend provisions.

The introduction of the Alberta unlimited liability corporation (the ABULC) has been anticipated by practitioners for some time. Previously, the only Canadian jurisdiction permitting the creation of a company with unlimited shareholder liability has been Nova Scotia. Unlimited liability companies (NSULCs) incorporated under the Nova Scotia Companies Act (NSCA) have been increasingly utilized since the promulgation of the ‘check-the-box’ rules under the U.S. Internal Revenue Code (the Code) to

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