Naturopaths will soon be able to set up a Professional Corporation. Need help doing this? Wondering if it’s right for you? We’re here to help! Contact us for a Complimentary Consultation
Once the new Naturopathy Act, comes into effect in Ontario, Naturopaths will be able to incorporate their practice as a Professional Corporation. This can have tax advantages for your clinic. If you’re already operating your clinic as a corporation, you may also have to convert into a Naturopathic Professional Corporation.
What is a professional corporation?
A professional corporation is similar to a normal business corporation, it is considered a distinct entity separate from the individuals who own and run it.
Unlike a normal corporation, a naturopathic professional corporation can only engage in the practice of naturopathy, and activities that are related or ancillary to naturopathy. This means that it cannot practice other professions, such as massage or chiropractic therapy.
All the shares of a naturopathic professional corporation must be owned by naturopaths. Any officers or directors must be shareholders, which means they must be naturopaths as well.
Shareholders of a naturopathic professional corporation remain responsible for its activities. So you are required to uphold professional standards, and you retain liability for professional liability claims made against the corporation for your actions.
How can ND Business Solutions help?
Speak with one of our experienced advisors about the business and tax advantages of forming a professional corporation.
Help determine whether it makes sense for you to incorporate your clinic at this time, or whether you have to change your corporate structure.
If you determine this is the right choice for you, our advisors can help you through the many steps to register your professional corporation, including obtaining your Articles of Incorporation from the government and your Certificate of Authorization from the College of Naturopaths.
ND Business Solutions pairs Naturopathic Doctors with expert business and legal advisers to take your practice to the next level.
Contact us for a free consultation
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