Law firm for Lawyer Professional Corporations
If you are a licensed lawyer in Ontario, then you are entitled to register your practice as a professional corporation. To commence practice as a professional corporation, you must be a registrant with the Law Society of Ontario and licensed to practice as a lawyer or paralegal in Ontario.
An initial step in commencing practice as a lawyer professional corporation is to register a new corporation under the Business Corporations Act, 1990. Following which, approval of the proposed lawyer professional corporation is required from the Law Society of Ontario in the form of a certificate of authorization.
During the corporation registration and application process, you must ensure to comply with the strict requirements of Law Society of Ontario. To ensure compliance of your professional obligations, Law Society of Ontario requires that your corporation is structured correctly. For instance, a lawyer professional corporation must meet the naming requirements set out by the Law Society of Ontario. An applicant may be required to seek pre-approval of the proposed name for a lawyer professional corporation prior to filing an application with Law Society of Ontario.
Benefits of a lawyer professional corporation:
Corporate structuring benefits
Accounting and taxation benefits
Ease of sale or transfer your lawyer practice
Separate personal and business liabilities
At Falcon Law PC, we can assist you with the registration and approval of your lawyer professional corporation. Having worked with many lawyer professional corporations, we are well versed with the requirements of Law Society of Ontario and can assist you in easily obtaining approval for your lawyer professional corporation.
Following registration of your lawyer professional corporation, Falcon Law PC can assist you with the ongoing corporate and professional compliance of your lawyer professional corporation, advise on professional liability insurance matters, and facilitate corporate transactions and agreements relating to your lawyer professional corporation.
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If you are a licensed lawyer in Ontario, registering as a lawyer professional corporation is an option but not an obligation. Registering as a lawyer professional corporation is a commercial decision and depends upon the particular nature of your practice.
No, with a lawyer professional corporation you will remain personally liable for your professional obligations as a licensed lawyer.
You may be protected from the liability of non-professional business related activities. For example, if you entered into a property lease with your lawyer professional corporation, then you most probably would not be personally responsible for this.
You are required to maintain a minute book for any corporation in Ontario. A minute book is a virtual or physical book containing your corporate records, including, but not limited to, share certificates, ledgers, and resolutions.
Once you have registered a lawyer professional corporation, you are required to ensure ongoing compliance with corporate laws and professional obligations set out by the Law Society of Ontario. Falcon Law PC is experienced in representing many lawyers and lawyer professional corporations and we can assist you with all of your corporate maintenance requirements.
Yes, a paralegal that is licensed to practice law in Ontario with the Law Society of Ontario may be able to join a lawyer professional corporation as a shareholder and/or director.
No, all lawyer corporations must be registered pursuant to the Business Corporations Act (Ontario).
Yes, you are required to renew your lawyer professional corporation with the Law Society of Ontario on an annual basis by completing a form and paying a renewal fee.
Additional Resources
- Click here to find out more about Law Society of Ontario’s lawyer corporation naming requirements.
- Click here to view the Law Society of Ontario’s information sheet for lawyers seeking to form a lawyer professional corporation.
Find out more about:
- Incorporating as a lawyer professional corporation.
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