A professional corporation is a corporation owned and operated by one or more members of the same profession. Only members of certain professions, such as physicians, lawyers, accountants and dentists can operate a professional corporation. The services provided by the corporation are generally restricted to the practice of the profession.
Professional corporations are allowed in every province and territory across Canada. In each jurisdiction, the professional regulatory body usually determines whether its members may incorporate. For example, the regulatory body for physicians, in all provinces and territories, allows physicians to incorporate
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Corporation Address
This is corporation registered office address. Corporation address is mandatory to be physical or legal land description. PO box or UPS store box is not appropriate for Corporation address. Corporation address can be change anytime in future.
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Director(s)
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Incorporator
An incorporator is responsible for setting up a corporation. This role is primarily executed before the business is formed, with the incorporator taking key steps to ensure that the corporation is eventually recognized legally. Do you want to Add Additional Incorporator other then Director?
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Additional Services
Every business in Canada must have a business number from Canada Revenue Agency. Corporation required to hire employees to operate. For employees payroll deduction required CRA payroll account. This is the initial set up of payroll account with CRA which you definitely need to process payroll. For Dividend distribution from your corporation dividend account required. And if your corporation deal with physical goods cross border your corporation also required import -export. Moreover if your corporation required WSIB account based on the service area you need WCB account.
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Mandatory Services
Within first 60 days of Corporation registration mandatory initial return need to file. To comply with the requirements and avoid compliance action that may result in cancellation of the corporation.
A corporation’s minute book serves as the official record of the corporation’s activities. Essentially, the minute book should document all material corporate transactions that affect and involve the corporation. All corporations in Ontario and Canada are required by legislation to prepare and maintain an up to date minute book.
If you have the company key you can add or remove directors and change address of the corporation. And can update business information anytime .
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Summary
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Role of professional governing bodies:
The governing bodies of regulated professions will be responsible for the certification or licensing of professional corporations that fall under their jurisdiction. In addition, the governing bodies will be able to “look through” professional corporations and hold the professional shareholders accountable for their actions.
Naming a professional corporation:
The name of the professional corporation must include the words “Professional Corporation” or “Société Professionnelle” and cannot be a number name.
Ownership restrictions for professional corporations:
The professional incorporation legislation allows one or more members of the same profession to be shareholders in a professional corporation. All officers and directors of the professional corporation are required to be shareholders of the corporation.
Business activities which can be undertaken:
The professional corporation may not carry on a business other than the practice of the profession; however, this shall not be construed to prevent the corporation from carrying on activities that are related to, or ancillary to, the practice of the profession, including the temporary investment of surplus funds earned by the corporation.
Professions Affected by Professional Corporation Provisions
Members of the following professions would be eligible to operate a professional corporation:
- Chartered accountants under the Chartered Accountants Act; certified general accountants under the Certified General Accountants Association of Ontario Act; and lawyers under the Law Society Act (responsibility of the Ministry of the Attorney General).
- Audiologists, chiropodists including podiatrists, chiropractors, dental hygienists, dental surgeons, dental technologists, denturists, dieticians, massage therapists, medical laboratory technologists, medical radiation technologists, midwives, nurses, occupational therapists, opticians, optometrists, pharmacists, physicians and surgeons, physiotherapists, psychologists, speech language pathologists, and respiratory therapists under the Regulated Health Professions Act (responsibility of the Ministry of Health and Long-Term Care).
- Social workers and social service workers under the Social Work and Social Service Work Act (responsibility of the Ministry of Community and Social Services).
- Veterinarians under the Veterinarians Act (responsibility of the Ministry of Agriculture, Food and Rural Affairs).
Prior to the enactment of this legislation, professionals were prohibited from incorporating their practices except as specifically permitted by the statute regulating the particular profession.
The status of corporations that were in compliance with the law before the coming in force of the professional corporation amendments would, therefore, be unchanged.