Incorporation for Health Professionals
As a result of recent amendments to the Regulated Health Professions Act, the Health Professions Procedural Code, and the Business Corporations Act, regulated health professionals are now permitted to incorporate for the purpose of practicing a health profession. This means that Opticians now have the option to incorporate your practice and run it through a “professional corporation”.
However, this option may not always be ideal - every optician should carefully consider the pros and cons of incorporating their practice. Should you decide to incorporate, the first step would be to follow the standard incorporation procedure with the appropriate government office. Should you choose to continue as a “professional corporation”, you may then obtain this status by applying for a Certificate of Authorization from the College of Opticians of Ontario.
There are several requirements for professional corporations, among them:
- All of the shares of the corporation must be owned by one or more Members of the College.
- The corporation cannot carry on business other than the practice of Opticianry.
To reflect this change, the College’s By-Laws were amended and the Section on Health Profession Corporations added. The amended By-Laws were approved by Council of the College of Opticians on November 26, 2003. Please review the by-law and incorporation package. This package was developed by all of Ontario’s health regulatory colleges for their members. It was then reviewed by the College’s legal counsel.
The incorporation package is available in hard copy upon request. Please note that the package is not intended to provide legal or financial advice, which can only be obtained by contacting an accountant and / or a lawyer.