Incorporating a Lawyer Professional Corporation in Calgary

Contact our law firm for your incorporation legal work at 403-400-4092 or Chris@NeufeldLegal.com

Although most lawyers are familiar with the concepts of legal liability, incorporation and taxes, given the divergence in our respective legal careers, the incorporation of a professional corporation for one's own legal practice may not be something that many lawyers are themselves familiar with, nor the important tax advantages that can be realized through the proper structuring of one's legal practice through a professional corporation. Instead, these aspects tend to fall lawyers such as myself, whose legal practice is focused on corporate structuring, including business incorporations and optimizing permissible tax structures.

As we've set out in further detailed, there are considerable tax advantages available when conducting your legal practice through a professional corporation, including: reduced corporate tax rates, ability to claim small business deduction, preferred capital gains tax treatment on the disposition of corporate shares including use of lifetime capital gains exemption, allowing family members to hold non-voting shares so as to facilitate income splitting, and tax deferral opportunities. A professional corporation, however, does not receive the limited liability protection that is conferred to regular corporations as it relates to professional malpractice and negligence, although a professional corporation is afforded a degree of limited liability as it relates to non-professional liability.

If you are looking to incorporating a new professional corporation through which you will operate your legal practice or you require legal counsel with respect to corporate and tax law matters, I welcome you to contact our law firm at 403-400-4092 or via email at Chris@NeufeldLegal.com.