 should you incorporate? ... we can help you decide & get it done! |
Who Can Incorporate?
Members of the following professions are eligible to operate a professional corporation
- Audiologists, chiropodists including podiatrists, chiropractors, dental hygienists, dental surgeons, dental technologists, denturists, dieticians, massage therapists, medical laboratory technologists, medical radiation technologists, midwives, nurses, occupational therapists, opticians, optometrists, pharmacists, physicians and surgeons, physiotherapists, psychologists, speech language pathologists, and respiratory therapists under the Regulated Health Professions Act (responsibility of the Ministry of Health and Long-Term Care).
- Lawyers under the Law Society Act (responsibility of the Ministry of the Attorney General).
- Social workers and social service workers under the Social Work and Social Service Work Act (responsibility of the Ministry of Community and Social Services).
- Veterinarians under the Veterinarians Act (responsibility of the Ministry of Agriculture, Food and Rural Affairs).
Quick Facts
The professional corporation may not carry on a business other than the practice of the profession; however, this shall not be construed to prevent the corporation from carrying on activities that are related to, or ancillary to, the practice of the profession, including the temporary investment of surplus funds earned by the corporation.
In general, incorporating protects shareholders in their personal capacities from corporate liability. The professional corporation provisions ensure that personal professional liability of those professionals who choose to operate their practices through a professional corporation will not be limited.
The name of the professional corporation must include the words "Professional Corporation" or "Société Professionnelle" and cannot be a number name.
The professional incorporation legislation allows one or more members of the same profession to be shareholders in a professional corporation. All officers and directors of the professional corporation are required to be shareholders of the corporation.
The governing bodies of regulated professions will be responsible for the certification or licensing of professional corporations that fall under their jurisdiction. In addition, the governing bodies will be able to "look through" professional corporations and hold the professional shareholders accountable for their actions.
Client Comments
| "I have wholly relied upon JRPC for all of my accounting and tax needs from the mid 90's as a sole practitioner to present as a medium size firm, along with an operating company and a family trust. Jonathan and his team consistently scores high marks with their responsiveness and suggested value driven strategies for tax deferral and income splitting yielding significant permanent tax savings. I have no hesitation recommending JRPC to professionals and entrepreneurs looking to ally themselves with a CA firm that will focus on the most salient issues and provide concise recommendations on a timely basis, thus facilitating the growth of their practices and businesses." Owner-manager, Legal Services, 15 Employees |