On May 17, 2005, the Business Corporations Amendment Act, 2005 was proclaimed into force in Alberta. This legislation contained a number of amendments intended to modernize Alberta's Business Corporations Act which had not been substantially changed since 1987. The most significant of these amendments is that Alberta will now permit the creation of an unlimited liability corporation or ULC. The traditional limited liability corporation will continue to exist in Alberta. A ULC will simply be an alternative form of carrying on business.

type Alberta Business Corporations Act Permits Creation of Unlimited Liability Corporations