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Considerations for starting your practice

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Considerations for starting your practice 1. Buying a professional practice ❑ valuation ❑ assets vs shares ❑ post-purchase incorporation ❑ nancing 2. Selecting the right structure ❑ incorporate vs sole proprietor ❑ ownership considerations i. Share ownership ii. Voting control iii. Income splitting iv. Family trust ❑ select your advisory team – lawyer, accountant, and banker 3. Risk mitigation ❑ group insurance plans ❑ disability insurance ❑ life insurance ❑ critical illness insurance ❑ medical insurance ❑ AD&D insurance ❑ other Regardless of your vocation—whether you're a doctor, dentist, lawyer, architect or engineer—starting a professional practice, or acquiring an existing one, is a signi cant milestone in your career. To ensure your new business survives the long haul, it's essential to establish a strong foundation—which means doing your due diligence before signing on the dotted line. 4. Bookkeeping ❑ practitioner-handled accounting vs hiring an accountant/bookkeeper ❑ computerized systems ❑ HST registration and lings ❑ payroll remittances ❑ annual compliance requirements 5. Expenses ❑ home of ce ❑ vehicle ❑ insurance ❑ dues/fees ❑ professional development/tuition ❑ general of ce supplies ❑ maintenance and repair ❑ salaries ❑ travel, meals and entertainment ❑ charitable donations ❑ interest on loans ❑ advertising and promotion ❑ bank charges ❑ professional library ❑ legal and accounting ❑ rent ❑ other This checklist is designed to help you address the critical elements of the process—so you can rest easy knowing no stone is left unturned.

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