A professional corporation (PC) is not like a standard corporation. A PC’s business activities are limited to that of the profession, e.g. practice of medicine. The most common professions authorized to register professional corporations’ are accountants, lawyers, dentists and doctors.
A medicine professional corporation must be in compliance with the College of Physicians’ and Surgeons’ of Ontario (CPSO) rules and regulations. The following are the most common requirements:
- The name of the corporation must contain ” Professional Corporation”, the surname of one or more of the physician shareholders’; and, may also contain the physician’s given name.
- The voting shareholder’s have to be registered physician’s with CPSO
- Only non-voting shareholders can be family members of a voting physician shareholder.
- A certificate of authorization has to be issued by CPSO to permit the corporation to practice medicine.
- CPSO needs to be notified when there’s changes to the corporation, such as adding a new voting shareholder or change of registered head office.
- The professional corporation is required to obtain a renewal license each year to keep the corporation in good standing with CPSO.
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.