Incorporation For BC Lawyers
A SECURE LEGAL FOUNDATION FOR YOUR PRACTICE
When you give legal advice for a living, it goes without saying that you’ll want to make sure your own business is legally sound. Incorporating your law firm gives you access to numerous benefits that will protect your business today and put you on the path to future growth, including protection from personal liability and considerable tax savings.
The Benefits of Incorporation For BC Lawyers
Lawyers have the potential to earn a lot of money, meaning they also pay a lot of taxes. Incorporating your law firm can help you grow wealth faster by giving you access to tax savings, making it easier to reach your long-term financial goals. Incorporating also gives you better access to financing and credit options so you can grow your business.
FAQs
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You may pay considerably more in taxes than necessary. You may also find that your options for financing and credit are limited.
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First, you’ll want to consult a lawyer and tax advisor to determine the appropriate share structure for your incorporation and decide if you also want to form a holding company.
In British Columbia, there are a number of compliance requirements set by the Law Society of British Columbia (“LSBC”). First, you’ll file a name request compliant with the rules set out in the Legal Profession Act and apply to LSBC for a Certificate Respecting the Corporate Name. Next, complete the Registration of the Incorporation and ensure that the share classes and issuances are compliant with the Legal Profession Act. Finally, apply for a Corporation Permit and pay the permit fee. We can help you with all of these steps.
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Obtaining the requisite permits from LSBC and forwarding consents to the B.C. Corporate Registrar is relatively quick. Our experienced team will help you navigate this process expeditiously. Generally, a law incorporation in B.C. can be completed in 2 to 3 weeks.
Need Advice on Incorporating Your Law Firm?
When it’s time to incorporate your Canadian law firm, Parr Business Law can help. As a firm that’s undergone the incorporation process ourselves and helped numerous others do the same, we have the specialized knowledge to help you incorporate with confidence. Schedule a consultation call with us today to learn more.