Lawyers for Psychology Professional Corporations
If you are a registered psychologist in Ontario, then you are entitled to register your practice as a professional corporation. Professionals registered under Regulated Health Professions Act, 1991 are entitled to register as professional corporations, including psychologists.
To be a psychologist professional corporation in Ontario, you are required to register a corporation pursuant to the Business Corporations Act, 1990. Following which, you are required to seek approval of the corporation to the College of Psychologists of Ontario. During the corporation registration and application process, you must ensure to meet stringent requirements of the College of Psychologists of Ontario.
To ensure compliance of your professional obligations, the College of Psychologists of Ontario requires that your corporation is structured appropriately. For instance, the name of your professional corporation must include your last name, the type of practice, and the term “professional corporation”. Further, you must ensure that all shareholders and directors are registered with the College of Psychologists of Ontario.
Benefits of a psychology professional corporation:
Corporate structuring benefits
Accounting and taxation benefits
Ease of sale or transfer your psychology practice
Separate personal and business liabilities
At Falcon Law PC, we can assist you with the registration and approval of your psychologist professional corporation. Having worked with many psychologist corporations, we are well versed with the requirements of the College of Psychologists of Ontario and can assist you in easily obtaining approval for your psychologist corporation.
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If you are practicing psychologist in Ontario, registering as a psychology professional corporation is an option but not an obligation. Registering as a psychology professional corporation is a commercial decision and depends upon the particular nature of your practice.
No, with a psychology professional corporation you will remain personally liable for your professional obligations as a psychologist.
You may be protected from the liability of non-professional business related activities. For example, if you entered into a property lease with your psychologist 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.
No, your family and friends cannot be shareholders or directors in your psychologist professional corporation unless they are members of the College of Psychologists of Ontario.
Yes, your psychologist corporation can apply for separate operating name or business name by way of a master business license. Please note that the master business license name must be in accordance with the naming standards of the College of Psychologists of Ontario.
No, the only medical professional corporations which may be shareholders or directors in your psychologist professional corporation are other psychologists.
Additional Resources
- Click here to view the College of Psychologists of Ontario’s guidelines for the application for certificate of authorization for a professional corporation.
- Click here to view a copy of the College of Psychologists of Ontario’s application for certificate of authorization for a professional corporation.
Find out more about:
- Incorporating as a psychology professional corporation.
- Psychology professional corporation lawyers.
- Law firm for psychologist professional corporation.
- Applying for a certificate of authorization for a psychology professional corporation.
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