Registered Address of Corporation
This is corporation registered office address. Corporation address is mandatory to be physical or legal land description. PO box or UPS store box is not appropriate for Corporation address. Corporation address can be change anytime in future.
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Director(s)
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Additional Officer and Incorporator
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Shareholder(s)
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Additional Officer or Incorporation
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Additional Services ( Not included in Package)
Tech Services
Supplies
Yearly Services
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Summary
Final estimated price is (Including GST/HST):
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Key Features of Professional Corporations:
What is a professional corporation?
A professional corporation is a corporation owned and operated by one or more members of the same profession. Only members of certain professions, such as physicians, lawyers, accountants and dentists can operate a professional corporation. The services provided by the corporation are generally restricted to the practice of the profession.
Professional corporations are allowed in every province and territory across Canada. In each jurisdiction, the professional regulatory body usually determines whether its members may incorporate. For example, the regulatory body for physicians, in all provinces and territories, allows physicians to incorporate
Ensuring professional liability is not limited by incorporation:
In general, the corporate form insulates shareholders in their personal capacity 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.
Role of professional governing bodies:
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.
Naming a professional corporation:
The name of the professional corporation must include the words “Professional Corporation” or “Société Professionnelle” and cannot be a number name.
Ownership restrictions for professional corporations:
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.
Business activities which can be undertaken:
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.
Professions Affected by Professional Corporation Provisions
Members of the following professions would be eligible to operate a professional corporation:
- Chartered accountants under the Chartered Accountants Act; certified general accountants under the Certified General Accountants Association of Ontario Act; and lawyers under the Law Society Act (responsibility of the Ministry of the Attorney General).
- 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).
- 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).
Prior to the enactment of this legislation, professionals were prohibited from incorporating their practices except as specifically permitted by the statute regulating the particular profession.
The status of corporations that were in compliance with the law before the coming in force of the professional corporation amendments would, therefore, be unchanged.