As a health professional, you may be considering setting up a corporation for your practice. This is known as a Health Professional Corporation (HPC), and it can offer a number of benefits, such as tax savings and limited liability protection. In this blog post, we will discuss what a Health Professional Corporation is and how a Business Lawyer can help you set one up.
A Health Professional Corporation is a type of corporation that is owned and operated by a regulated health professional. This includes physicians, dentists, chiropractors, physiotherapists, optometrists, and other healthcare providers. The purpose of an HPC is to provide healthcare services to the public, while allowing the healthcare provider to take advantage of the benefits of incorporating.
One of the main benefits of incorporating as an HPC is the tax advantages. When you operate as a sole proprietor, you are taxed at your personal tax rate, which can be quite high. However, when you incorporate, you can take advantage of lower corporate tax rates. Additionally, you may be able to take advantage of other tax planning strategies that are only available to corporations.
Another benefit of incorporating as an HPC is the limited liability protection it provides. When you operate as a sole proprietor, you are personally liable for any debts or legal issues that arise in your practice. However, when you incorporate, your personal assets are protected from the liabilities of the corporation. This means that if the corporation is sued, your personal assets, such as your home or car, cannot be seized to pay off the debt.
If you are considering setting up a Health Professional Corporation, it is important to seek the advice of a Business Lawyer. They can help you navigate the legal and regulatory requirements of setting up an HPC, including registering with the appropriate regulatory body, drafting articles of incorporation, and complying with tax laws and regulations.
A Business Lawyer can also help you with ongoing legal matters related to your HPC, such as contract review and negotiation, employment law issues, and any legal disputes that may arise. They can help you ensure that your HPC is operating in compliance with all applicable laws and regulations, and can provide advice on best practices to reduce your legal risk.
In conclusion, setting up a Health Professional Corporation can offer a number of benefits to healthcare providers, including tax savings and limited liability protection. If you are considering setting up an HPC, it is important to seek the advice of a Business Lawyer who can help you navigate the legal and regulatory requirements, and provide ongoing legal support to ensure that your HPC is operating in compliance with all applicable laws and regulations. Contact Falcon Law PC at 1-877-892-7778 or info@falconlawyers.ca for more information and to schedule a consultation with one of our experienced Business Lawyers.
