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Professional Incorporations

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Professional-incorporation - Cubleaw

What Are Professional Incorporations? – no plagiarism found (from Grammarly)

  • Incorporation refers to the procedure of creating a legally recognized business entity in compliance with the laws of the jurisdiction where it is situated. In British Columbia, the BC medical corporation serves as the entity for doctors operating in the region. The medical corporation is separate from the physician who manages it, enabling it to possess and manage its assets, debts, income, and expenses. The corporation has the capacity to take on liabilities, guarantee credit, purchase resources, and act independently of the physician who controls it.

Types of Professional Incorporations we can do are:

  • Doctors
  • Lawyers
  • Dentists
  • Realtors
  • Accountants

Is Incorporating for you? – no plagiarism found (from Grammarly)

Incorporation may not be appropriate for all businesses, especially those that generate a small income, do not require asset protection, and serve a limited client base. In such cases, we can suggest alternative business structures such as sole proprietorships, partnerships, limited partnerships, limited liability partnerships, or joint ventures that are better suited to your needs. Our firm can guide you in selecting the option that aligns with your objectives.

However, under the right circumstances, incorporation can offer several benefits, including the unique ability to protect shareholders from liability. Additionally, corporations can control the income earned by shareholders and, consequently, the amount of taxes payable. For example, in British Columbia, the combined small business corporate tax rate (federal and provincial) for the first $500,000 of active business income is approximately 14%, which is significantly less than individual income tax rates that can go as high as 50%.

Corporations are also more likely to attract investors due to their separate financial status from their owners. This allows corporations to sell portions of their stock to investors, enabling them to raise new capital and achieve ownership exit goals.

Incorporation also offers a lesser-known advantage: credibility. Since corporations can continue to exist even after their founders are no longer involved, they tend to build up decades of goodwill that help consumers trust them more than unincorporated individuals who may be less financially stable and unable to continue after the founder leaves the business.

Frequently Asked Questions

Professional incorporation in BC typically involves additional regulatory compliance specific to professional fields like medicine or law. It’s tailored to the unique needs of professionals in Surrey and Coquitlam, offering specific liability and tax benefits.

Yes, Cube Law Corporation has expertise in incorporating professional practices such as medical and legal firms in Vancouver, providing industry-specific guidance to ensure compliance with BC’s regulatory standards.

The key benefits for practitioners in Surrey and Coquitlam include tax advantages, limited personal liability, and enhanced credibility. Professional incorporation also allows for easier business succession planning.

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