This Div is a JS Trigger

Forms of Practice

Things to consider

- Considerations in selecting form of practice

  • Taxation– get professional advice including on whether to begin as a solo and then incorporate; consider Section 85 of the Income Tax Act.
  • Liability – guarantor issues, including spouse/relatives
  • Succession/dissolution

- Solo practice

- Partnership

- Professional corporation

  • Articles of incorporation
  • Shareholders, officers, chief operating officer

- Limited Liability Partnership

- Consult with CPA

- Specialized/General practice

- Partnership Agreement in writing

  • Capital/equity from partners
  • Withdrawal/retirement issues
  • Compensation and profit distribution
  • Each partner’s role in the practice ( Managing partner, Rainmaker, etc. - Establish a clear evaluation matrix and expectations)

Resources

Fuchs, Pablo (April 15, 2014) “How to decide on a business structure for your law firm” Canadian Bar Association (retrieved February 2, 2016)

 

Frazer, Joceyn and Nerino J. Petro Jr. (Jan/Feb 2014) “The GPSolo Guide to Opening a Law Office” American Bar Association (retrieved February 9, 2016)

 

Lockwood, Frank (Jan/Feb 2014) “Ten Things a Small Firm Owner Should Never Do” American Bar Association (retrieved February 9, 2016)