Do I need my regulatory college's approval before I can sell my professional practice?

Most Ontario professionals — physicians, dentists, lawyers, accountants, and others — can't simply sell a practice the way any other business owner would. Many of these professions can only be carried on through, or in partnership with, other licensed members of the same profession, and the shares of a professional corporation are usually restricted to people who hold (or are eligible to hold) that licence. Selling to an unlicensed buyer, or structuring a deal so an unlicensed person effectively controls the practice, can put your certificate of authorization, and the buyer's ability to operate at all, at risk.

Whether your specific college requires formal approval, advance notice, or nothing at all before closing depends entirely on which college governs your profession and how its by-laws are written, and this varies significantly from profession to profession. Assuming "no news is required" is a common and costly mistake, since some colleges expect notice or documentation well before a sale closes, not after.

Confirm your college's current requirements directly before you sign anything. A Treadstone business lawyer can help structure the sale so it satisfies your college's ownership and notice rules alongside the usual purchase agreement work.