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Hi lorraine,
I am a physician practcing full time and I am well versed with medicine.But I am looking to open a college for training in the medical field and my idea is to start small with training for cpr and other basic classes and going along and adding curriculum.I make six figure salary and main reason I am changing is not money alone.it is also becuase I feel I will enjoy teaching and being my own boss.And i am hating the legal aspects of the medicine and want to leave it once I start and succeed in this business.My question for u is 1)what is the process involved in opening a small college and what should some one be trained in to open a college like a nursing college 2)do u know any books or any links in the web where i can get more info.3)do u know any one who u can suggest as mentor to help me with my venture.It is not easy for me to discuss with anyone including my wife becuase she thinks I am crazy to leave a flourishing career and to go to new field, so all help will be greatly appriciated.thanks u and let me know any thing that comes your way that may be related to my question.
Kesa:
Thank you for your enquiry. I apologize for taking so long to respond, but I did some research for you in this regard. Because you intend to open up a "college" there are certain additional matters that you need to be advised on.
First you must decide what type of business set-up you want to use - Sole Properietorship, Partnership or an incorporated entity. Please refer to my website @ www.plcs.ca for a more complete description of these three types of business start-ups. As a synopisis I would advise you that both the sole-proprietorship and partnership set-ps do not provide you with any limited liability and all income is taxed at your personal tax rate, whereas the incorporated structure would afford you with some limitation as to the types of liability that you personally would be subject to and all income would be taxed at the corporate tax rate. Due to the high potential for litigation in a "school" environment, I would suggest that you incorporate in order to limit your personal liability exposure.
If you intend to open up a college in Ontario, you need to obtain the consent from the Ministry of Training, Colleges and Universities, therefore I would strongly recommend that you contact them @ 416-325-2850 (this is the latest number I have). The Ministry also has different requirements for colleges that are privately owned vs. colleges that are "colleges of applied arts and technology". Call them and get proper advice and whatever their requirements are in this regard before you proceed as you cannot incorporate without their consent.
Unfortunatley I do not know of anyone who can mentor you. Perhaps you can find a mentor through one of the "teaching" professionals on the All-Experts site.
I would also suggest that you contact your accountant to obtain some good accounting advice before you proceed.
Once you are ready to proceed, please contact me directly and I can connection you with some good Toronto Lawyers, who can help you get this thing off the ground.
Have a great day.
Lorraine
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Answers by Expert:
Lorraine T. Fabrikis
Expertise
Do you need to Incorporate or can you run your business as a non-incorporated business in Ontario? Do you need to incorporate federally or provincially? How and where to you register your business? What additional account do you need to operate your business in Ontario?
Experience
ABOUT LORRAINE FABRIKIS I am the founder of Professional Law Clerk Services Inc. (?PLCS?), and I have more than 23 years experience as a law clerk in the corporate/commercial legal profession. During these years, 13 of which have been on a freelance basis, I have worked side-by-side with many experienced senior lawyers in small and medium-size law firms, providing them with the experience and knowledge which I bring to all of the projects which PLCS handles. This senior corporate/commercial knowledge is an asset to each and every client who decides to tap into it. My spirit pushes me to care for every transaction which my company works on as if it was the only one in my office, raising the standards which all of my staff must rise to, making PLCS a company which you can rely on. No project or transaction is too large or too small for me to give it my full time and attention. I am a dedicated individual who enjoys the challenges that working in the legal profession provides. ABOUT PLCS Utilizing my experience in the corporate commercial area, my company offers a wide array of freelance, law clerk services to professionals. My company is located in the Yonge/Eglinton area in Toronto and my specialties include provincial and federal incorporations, professional corporations, amalgamations, organizations, revivals, continuances, extra-provincial registrations and dissolutions; all types of transactions including asset, share and financing transactions; drafting of all forms of asset and share purchase and sale agreements, commercial leases, shareholder, partnership, dealership, distribution, management, consulting and employment agreements; all documentation required to effect estate freezes and all such further or other required general corporate reorganizations, including, but not limited to non-arms length share transfers, changes of directors, changes of officers, transmittal applications, declarations of trust including all required filings with all government authorities.
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