A Medical Professional Corporation (MPC) is a type of corporation that is specifically designed for medical professionals in Ontario. It is a legal entity that allows physicians, surgeons, and other medical practitioners to incorporate their practices and provides certain benefits, such as limited liability protection, tax advantages, and professional status. Limited liability protection means that the personal assets of the medical professional are protected from business-related lawsuits and debts. Tax advantages include income splitting, tax deferral, and access to the small business deduction. Incorporating as an MPC can also enhance a medical professional’s professional status and credibility with patients, colleagues, and regulatory bodies. However, setting up an MPC is a complex process that requires compliance with specific legal and regulatory requirements in Ontario. That’s why it’s essential to have a lawyer who is knowledgeable in this area to help guide you through the process.
A lawyer can assist with the incorporation process, including filing the necessary paperwork with the Ontario government, drafting articles of incorporation, and preparing corporate bylaws. They can also advise on the tax advantages of incorporating as an MPC and help structure the corporation to maximize these advantages. Additionally, a lawyer can ensure that the MPC complies with all applicable laws and regulations, provide advice on liability protection, and draft employment and independent contractor agreements that comply with Ontario laws and protect the interests of the MPC.
Furthermore, a lawyer can also provide ongoing support to the MPC by assisting with regulatory compliance, such as ensuring the corporation is meeting all requirements of the College of Physicians and Surgeons of Ontario, advising on corporate governance issues, and helping with corporate reorganizations or wind-ups. A lawyer can also provide guidance on the transfer of shares, and help navigate any legal disputes or issues that may arise in the course of the MPC’s operation.
In conclusion, incorporating as an MPC can provide significant benefits for medical professionals, and a lawyer can help ensure a smooth and compliant incorporation process. A lawyer can also provide ongoing support and guidance to the MPC to ensure it continues to meet all legal and regulatory requirements and operates effectively. If you are a medical professional looking to incorporate your practice in Ontario, it’s crucial to consult with a business lawyer in Toronto who has experience with MPCs. If you have any questions, please contact us at 1-877-892-7778 or info@falconlawyers.ca.
