What is a professional corporation Ontario?
A professional corporation is a corporation that carries on a professional practice. Professional corporations in Ontario are governed by the Ontario Business Corporations Act, as well as the by-laws of the governing bodies of the relevant professions.
What are the benefits of a professional corporation?
Professional corporations offer most of the same advantages as a regular corporation: personal asset protection, the ability to issue stock, and tax advantages. The downsides to a professional corporation are also the same as those of a regular corporation, such as the time and money spent on corporate formalities.
Who can normally use a professional corporation?
The main rule for forming a professional corporation is that every owner of the business must have a valid license to perform the occupation. For example, if you have a law firm organized as a professional corporation, every owner in the firm must be a licensed attorney.
Who can have a professional corporation in Ontario?
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.
Who can open a professional corporation in Ontario?
A professional corporation is a corporation owned and operated by one or more members of the same profession. The shareholders of a professional corporation registered with CPA Ontario can be: one or more members of CPA Ontario.
How do I know if a corporation is C or S?
Call the IRS Business Assistance Line at 800-829-4933. The IRS can review your business file to see if your company is a C corporation or S corporation based on any elections you may have made and the type of income tax returns you file.
Can professional services be an S Corp?
A professional corporation by default is a C corporation for tax purposes but can elect to be treated as an S corporation subject to tax on a flow-through basis similar to a partnership. A variety of factors must be considered when selecting between the C and S status.
What is the Utah revised business Corporation Act?
This chapter is known as the Utah Revised Business Corporation Act. Enacted by Chapter 277, 1992 General Session 16-10a-102 Definitions. As used in this chapter: (1) (a) “Address” means a location where mail can be delivered by the United States Postal Service.
Who is responsible for the Business Corporations Act in Ontario?
The Ministry of Consumer and Business Servicesis responsible for the Business Corporations Act, Ontario,and can respond to enquiries about changes made to this Act and the process for incorporating a professional practice. Mailing address: Ministry of Consumer and Business Services Companies Branch
What is professional incorporation?
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:
How do I establish a professional corporation in Ontario?
Establishing a Professional Corporation Regulated professionals who wish to incorporate their practices should consult the Companies Branch of the Ministry of Consumer and Business Services for Ontario incorporation requirements, and their governing body for conditions of incorporation specific to their profession.