There are 4 types of business names registered under the Partnership Act: trade name (sole proprietorship) partnership limited partnership limited liability partnership Trade name A trade name is used when: an individual does business under a name other than their own personal name a corporation does business under a name other than its legal name A trade name is also known as a sole proprietorship. Partnership A partnership is created when 2 or more individuals, or 2 or more corporations, do business together as partners. All partners share in the profits and the risks or debts of the business. Limited partnership A limited partnership consists of one or more general partners, and one or more limited partners. Each type of partner has different rights and responsibilities. For example, a general partner is usually liable for the debts of the business, while a limited partner is usually liable only for the amount they have contributed to the business. Limited liability partnership A limited liability partnership consists of partners in one or more eligible professions, such as accounting or law. This type of partnership is similar to a regular partnership, except there is liability protection. A partner in a limited liability partnership is not generally liable for the negligence, wrongdoing, or misconduct of a partner, employee or agent. Partners in a limited liability partnership may be individual practitioners or professional corporations. Limited partnerships or limited liability partnerships based in other provinces must also register in Alberta when they do business here.