We are asked quite frequently about the process of setting up a professional corporation, how long it takes, how much it costs, etc. This blog will try to answer some of those questions (if you’re looking for an exact quote, give us a call!).
Steps to Incorporate: Assuming (and your dental accountant can confirm) that you don’t have any equipment, assets, goodwill, etc. that needs to be transferred into your professional corporation, the process goes something like this…
Step 1: we ask you / your dental accountant a bunch of questions and incorporate you using a share structure designed specifically for dentists (to allow for income splitting with spouses, children, parents, etc.).
Step 2: you come into our office and sign a whole bunch of documents to create/organize your professional corporation.
Step 3: we apply for / obtain a Certificate of Authorization from the RCDSO.
Step 4: we can register a practice name/tradename if you want to carry on business using a name different than your own (if you’re associating, this may not be a big deal).
Step 5: you start having your principal dentist engage your DPC instead of you personally as an associate.
Step 6: you get your Dual Wills and Powers of Attorney in order to save on taxes / maintain control.
Step 7: you get an employment agreement with $10k death benefits to save on taxes.
Step 8: you get life and disability insurance to protect yourself / your loved ones.
Step 9: you decide whether you want us to safekeep and update your corporate minute book, Wills, and Powers of Attorney.
Step 10: celebrate!
Timing: assuming we have all the pertinent information from you and your dental accountant, we can typically complete everything on our end in about 2 days. Then you just need to wait for the RCDSO (anywhere from 2 days to a few weeks, depending on how busy they are).