Professional Incorporation
Who Might Need It:
Certain regulated professionals, such as doctors 🩺, dentists 🦷, lawyers ⚖️, accountants 📊, and architects 🏗️, can form a Professional Corporation (PC).
✅ Benefits of Professional Incorporation:
💰 Tax Deferral & Lower Rates: Retain earnings in the corporation for lower corporate tax rates.
🛡️ Liability Protection for Business Debts: While liability for professional negligence remains, incorporation protects against general business debts.
👨👩👧👦 Income Splitting & Retirement Planning: Some professionals can split income with family members (where allowed) and invest retained earnings for retirement.
📢 Branding & Credibility: A professional corporation can enhance your reputation and make it easier to attract clients and patients.
📝 How We Help:
📛 Name Approval & Incorporation: Professional corporations must follow strict naming rules (e.g., "Dr. John Smith Medicine Professional Corporation"). We handle the approval process with your governing body.
📜 Regulatory Compliance: We ensure your Articles of Incorporation meet industry rules (e.g., Law Society of Ontario, College of Physicians and Surgeons of Ontario).
💼 Business Number & Tax Setup: We obtain your Business Number (BN), GST/HST registration, and set up tax accounts for payroll and corporate tax.
📑 Bylaws & Minute Book: We prepare essential corporate records, including bylaws, shareholder agreements, and annual filings.