A professional corporation is a corporation owned in whole or in part by a member of a regulated profession (e.g. doctors, accountants, dentists, lawyers, psychologists, etc.) Most professional bodies now allow their members to practice through a corporation instead of as a sole proprietorship or in partnership. Each professional governing body has its own set of rules requiring certain formalities to be respected in the set-up of the Corporation.
Our lawyers at HazloLaw frequently advise professionals with the incorporation of their professional practices. Additionally, we provide advice on the legal and tax implications of using a professional corporation, prepare articles of incorporation that include the restrictions mandated by the professional bodies, and liaise with the various Colleges (CPSO, CPA Ontario, etc.) to obtain required approvals.