INCORPORATING YOUR DENTAL PRACTICE
Business incorporation lawyer assisting dentists incorporating their dental practice as a professional corporation in Alberta and Ontario.
Contact Neufeld Legal PC at 403-400-4092 / 905-616-8864 or Chris@NeufeldLegal.com
As a dentist, taking your dental practice to the next phase of your professional career frequently involves incorporation, whether this entails the incorporation of a dentist’s professional corporation or further incorporations associated with the acquisition of dental equipment and/or real estate tied to one’s ever-growing dental practice, and demands appropriate legal structuring to integrate all these business components for optimal results.
At the outset, dentists will look to incorporate their dental practice as a professional corporation which enables them to draw upon certain business and tax advantages that are available when operating one’s professional practice through a professional corporation.
A professional corporation enables a dentist to realize certain tax advantages attainable by traditional corporations, including (i) the small business deduction, with its preferential corporate tax rates and ability to defer taxes, (ii) remuneration flexibility, allowing for a sufficient salary and appropriate tax planning / RRSP contributions, (iii) the availability of the lifetime capital gains exemption for the owner of a qualifying corporation, (iv) the potential for absolute tax savings from structuring the corporate payment of non-deductible or partly deductible expenses, and (v) potential income splitting, although this is subject to increasingly stringent tax rules, together with restrictions on permissible shareholders.
There is also the strategic availability of using a non-calendar year-end, as well as various advanced tax planning opportunities, such as individual pension plans, retirement compensation arrangements and corporate-owned life insurance solutions.
To realize these corporate tax advantages, the provincial legislatures and the dentists’ regulatory bodies agreed not to shield the dentists from liability arising from their professional malpractice and negligence, although dentists might have a degree of personal liability protection as to corporate business debts, payables and other financial obligations, although most significant debts and payment obligations contractually demand personal obligations from the dentists.
The professional corporation thus provides important corporate and tax benefits to most dentists as it relates to the management of their dental practice, such that most dentists need to consider the value of incorporating a professional corporation.
As one’s dental career develops and becomes about more than themselves, whether that means partnering with other dentists, hiring employees, acquiring dental equipment and real estate associated with the dental practice, there are other legal demands and opportunities, which can include additional legal and corporate structuring, from legal arrangements to additional incorporations, which enables the business to exceed the limitations of the professional corporation and optimize the legal options that are available.
Throughout this process, the importance of legal planning and experience cannot be understated, such that tackling the legal aspects of your dental business can greatly benefit from the involvement of knowledgeable legal counsel, which we have providing to dentists for over two decades.
When you incorporate a professional corporation with our law firm, you will benefit from the professional services of an experienced corporate lawyer who understands the importance of devising the appropriate corporate structure for your business operations, meeting the requirements of your profession's regulatory body, on a cost-effective basis - with flat rates* for the professional corporation (Alberta and Ontario). So if you are looking to incorporate a new professional corporation or deal with the corporate legalities impacting your company, contact us via email at Chris@NeufeldLegal.com or by telephone at 403-400-4092 [Alberta]; 905-616-8864 [Ontario].
| Alberta Professional Corporation - Incorporation Base Costs. A break-down of our base costs for an Alberta professional corporation, setting out our flat rate for incorporating a professional corporation (with professional regulatory body PC fees extra). Cost outline .... |
| Ontario Professional Corporation - Incorporation Base Costs. A break-down of our base costs for an Ontario professional corporation, setting out our flat rate for incorporating a professional corporation (with professional regulatory body PC fees extra). Cost outline .... |
* Please note that the flat rates associated with a standard incorporation are strictly limited to a basic incorporation (federal, Ontario, Alberta) and does not involve other matters that might be corrollary to the incorporation process or might be atypical for a standard incorporation, including but not limited to related legal or tax advice, engagement with other governmental bodies or professional bodies, licensing, drafting of pertinent business contracts (i.e., shareholders' agreements), negotiations, disputes, financing, coordination with other companies or other legal structuring.
| What is a Corporation? What are the characteristics associated with the formation of a business entity known as a corporation, and how is it distinguishable from other business structures, such as sole propreitorships, partnerships, joint ventures, trusts. Read more ... |
| What is Incorporation? Understanding the basic fundamentals of incorporation will shed considerable light upon the function and operation of a company / corporation and its distinct nature as its own separate legal person. Read more ... |
| Incorporation Costs Explained. To better understand what is involved with the incorporation of a company, we have broken down the associated costs, including the differences between named and numbered companies, and using a lawyer and doing it yourself. Read more ... |
| What is a Professional Corporation? Professionals seeking to optimize their business operations through corporate structuring and the potential tax advantages that it can provide, need to look at the advantages available through the incorporation of one's professional practice as a professional corporation. Read more ... |
| Incorporating your Dental Practice. As a dentist, taking your dental practice to the next phase of your professional career frequently involves incorporation, whether this entails the incorporation of a dentist’s professional corporation or further incorporations thereafter. Read more ... |