Incorporation For Accountants
INVESTING IN THE FUTURE OF YOUR BUSINESS
Professional accountants understand the need to make smart business decisions today in order to protect tomorrow — and they can do the same for their own business by choosing to incorporate.
The Benefits of Incorporation For Accountants
Incorporating gives an accounting business the professional and credible appearance it needs to win the trust of clients while providing substantial tax savings. Incorporating can also make it easier for a business to secure financing and credit and protect the owner from personal liability.
FAQs
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Without incorporation, you’ll be subject to higher tax liabilities. Potential clients may also be hesitant to hire an accounting firm that isn’t incorporated, and you may find it difficult to secure bank financing for your business.
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The first step is to obtain an Incorporation Permit from Chartered Professional Accountants of BC (CPABC). Next, you’ll need to pay the fee for an Incorporation Permit (in addition to ongoing annual incorporation permit fees set by CPABC) and apply for a corporate name that is permissible under the CPABC’s Code of Professional Conduct. Then, it’s time to apply for an Application to Consent for a Corporation Name and a Professional Accounting Corporation Permit. Finally, you’ll need to engage legal counsel to complete a Certificate of Solicitor.
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To begin, the accountant should decide on a name for their practice, keeping in mind the permissible names set out under the CPABC Code of Professional Conduct. Next, the accountant should complete the Application for Consent to Corporation Name and Application for Professional Accounting Corporation Permit. They should also have their lawyer complete a Certificate of Solicitor.
Want to Incorporate Your Accounting Business?
SCHEDULE A FREE 15-MINUTES CONSULT CALL
When it’s time to incorporate your Canadian accounting business, Parr Business Law can help you navigate the incorporation process with confidence and clarity. Our lawyers have the specialized knowledge to provide you with reliable and candid legal advice so you can lay a secure legal foundation for your business and pay less in taxes. Schedule a free consultation call with us today to learn more about incorporating as an accountant.