Optometrists in Canada have the option of setting up a professional corporation (PC) to provide their services. A PC is a type of corporation that is set up by professionals, such as doctors, dentists, and optometrists, to provide their services through a corporation. Setting up a PC has many advantages, including tax benefits and limited liability protection. In this blog post, we will discuss the process of setting up an optometrists professional corporation.
- Choose a Name for Your PC
The first step in setting up a PC is to choose a name for your corporation. The name must be unique and not already registered with the government. You can check the availability of a name using the Canadian federal government’s Corporations Canada website. You can also search the Ontario government’s database of registered businesses to ensure that the name is not already in use.
- Draft Articles of Incorporation
The next step is to draft articles of incorporation for your PC. The articles of incorporation are a legal document that sets out the structure of the corporation and its bylaws. The bylaws include rules on how the corporation will operate, such as the appointment of directors and officers, how meetings will be held, and how the corporation will be governed. You can use a lawyer to help you draft the articles of incorporation, or you can use a template provided by the government.
- File Articles of Incorporation with the Government
Once the articles of incorporation are drafted, they must be filed with the government. In Ontario, the articles of incorporation must be filed with the Ministry of Government and Consumer Services. You will also need to pay a fee to register your PC.
- Obtain a Corporation Number and Business Number
Once your PC is registered, you will receive a corporation number and a business number. These numbers are used to identify your corporation for tax and regulatory purposes.
- Open a Bank Account and Register for HST
Next, you will need to open a bank account for your PC and register for a Harmonized Sales Tax (HST) account with the Canada Revenue Agency (CRA). You will need to charge HST on your services and remit it to the CRA.
- Obtain Professional Liability Insurance
As an optometrist, you will need professional liability insurance to protect your PC against any claims of malpractice. You can obtain this insurance from a variety of insurance providers.
- Maintain Your PC
Once your PC is set up, you will need to maintain it by filing annual returns with the government and keeping up-to-date records. You may also need to file corporate tax returns with the CRA.
Using a Corporate Lawyer in Mississauga
Setting up a PC can be a complex process, and it is important to ensure that your corporation is set up correctly from the start. A corporate transactions lawyer in Mississauga can help you with every step of the process, from choosing a name to filing articles of incorporation and maintaining your corporation. They can also advise you on the best structure for your PC and provide guidance on regulatory compliance and tax planning.
Contact Falcon Law PC today for a free consultation at firstname.lastname@example.org or 1-877-892-7778. Our experienced lawyers can help you set up your optometrists professional corporation and provide ongoing legal support to ensure that your corporation is compliant with all regulatory requirements.