Professional corporations are legal entities that provide liability protection and tax benefits for certain professions, including nursing. However, the rules for ownership of shares in a nurse professional corporation can be complex and vary by province. One common question is whether non-nurse practitioners can own shares in a nurse professional corporation. Here is what you need to know.
Rules for Nurse Professional Corporations
In most provinces in Canada, nurses are allowed to form professional corporations to provide healthcare services. However, the rules and regulations for nurse professional corporations can vary by province. In general, the following rules apply:
- Nurses can only provide nursing services through the professional corporation.
- Nurses must own a majority of the shares in the corporation.
- Only certain types of shares are allowed, such as voting and non-voting shares.
- The corporation must be registered with the provincial regulatory body for nursing.
Can Non-Nurse Practitioners Own Shares?
The rules for ownership of shares in a nurse professional corporation can be complex, and whether non-nurse practitioners can own shares can vary by province. In general, the answer is no, non-nurse practitioners cannot own shares in a nurse professional corporation.
The reason for this is that the ownership of a nurse professional corporation must be restricted to those who are authorized to provide nursing services. Non-nurse practitioners are not authorized to provide nursing services, so they cannot own shares in the corporation.
However, it’s important to note that there may be exceptions to this rule, depending on the province and the specific circumstances. For example, in some provinces, a nurse professional corporation may be allowed to employ non-nurse practitioners to provide administrative or support services, but these non-nurse practitioners cannot own shares in the corporation.
Consulting with a lawyer who is familiar with the rules and regulations for nurse professional corporations in your province is essential to ensure compliance and avoid legal issues. They can provide guidance on the ownership of shares and help you set up your nurse professional corporation properly. If you have any questions, please contact us at firstname.lastname@example.org or 1-877-892-7778.