PD400 class 1, 2, 3 Flashcards
palliative care
Palliative care is an interdisciplinary medical caregiving approach aimed at optimizing quality of life and mitigating suffering among people with serious, complex, and often terminal illnesses.
thanatology
Thanatology is the scientific study of death and the losses brought about as a result. It investigates the mechanisms and forensic aspects of death, such as bodily changes that accompany death and the postmortem period, as well as wider psychological and social aspects related to death.
permits for setting up business
putting up walls for building permit
permit for setting up plumbing/sink
permit for setting up electricity
Before going for permits, you have set up municipal building plan
booking/schedule software?
..
janitor, receptionist, IT, other therapists, lawyer, banker/financial advisor, accountant, laundry/cleaner, realtor,
what about –> MPT, PT, nutritionist, etc.
(These should be included in “range of community resources for referral … for ongoing patient support”)
professional support team
external expertise to employ
pcpi
Practice Competencies and Performance Indicators
vision/mission statement
..
business model
..
technicians and entrepreneurs have different skill sets
..
vision statement
future focus
what you want to become
embrace envisoned “
–> meant to inspire
first step developing realistic vision
pen picture of business
could be 3-5 year
5-10 years
10-20 years (huge business)
vision statemnt of the CMTBC
innovative regulation that shapes the future of exemplary health care
mission statement
enduring statement of purpose that dinstinguishes one organization from other siimlar organizations
what is our business?
describes organization’s purpose, clientele, services, markets, philosophy, and basic technology
allows client to distinguish one business from another and decide which is more suitable for them?
Mission Statement CMTBC
Ensuring the public’s right to safe, ethical and competent massage therapy through excellence in regulation.
three basic legal structures
sole proprietorships
partnerships
corporations
sole proprietorship
You alone own it and are 100% responsible for its debts and liabilities. All earnings are taxed as your personal income. This is the most popular small business structure because it’s simple and straightforward.
partnerships
Two or more owners agree to share profits and losses according to their share in the firm. In a general partnership, all partners are liable for debts; in a limited partnership, one or more partners limit their liability by not actively managing the business.
corporations
The company earns revenue, incurs losses and pays taxes separately from its owners. Companies often pay tax at a lower rate than individuals. Owners’ liability is limited to what they invest in the company, and they have options as to when and how they take money out of the company.
sole proprietorship or partnership – are good for…
You will be the sole owner or own the business with just a few partners
You plan to start the business using only personal savings or investments from friends and family
You expect business revenues to support only you and your partners or family members
You plan to do most of the work yourself
You will borrow personally on behalf of the business
You are in a low personal income bracket
Your business is highly unlikely to face a lawsuit or get into debt
You have limited net worth (personal assets)
If you answered yes to most of these questions, you should operate your business as a sole proprietorship or partnership
corporation — good for…
Ownership will be divided among several shareholders
You expect significant start-up costs
You will be hiring employees and paying out wages and salaries
You will require additional financing beyond savings and investments from family and friends
You expect increasing revenues and a rising asset base
You will probably need to raise equity or issue debt, either now or later
You will put a full management and organizational structure in place
You expect to look into income-splitting and tax-deferral options
You want to protect your existing substantial net worth
If you answered yes to most of these questions, you should operate your business as a corporation
accountant
find a good accountant
the accountant that was responsible for Laurie’s debt to CRA was negligent, so find someone who is talented and who has experience with accounting for healthcare professionals
disability insurance
one case of someone who didn’t get disability insurance,
and they broke their scaphoid rock climbing
and afterwards they tried to get disability insurance
and they were refused disability insurance
but if they had gotten it previously it would have been fine (?)
note clause in insurance
have you had a claim in the last ___ months/years
—> premiums could go up
—> could get refused (?)
other expenses/insurance
professional liability insurance
general liability private
CMTBC dues (?)
continuing education (500/yr ?)
—> optional, but recommended
—> Tax write-off?
other sole proprietorship expenses
GST
taxes
rent (for studio space)
business license
CPR recertification
figure out the TAX WRITE OFFS
..
GST
investing GST and earning interest before paying it out to CRA
how to find good accountant?
someone who has experience with HCP
ask other RMTs –> ask them who they use as an accountant
ask for multiple opinions from multiple accountants (?)
note also CPP/ RRSP contributions
..
laundry expenses
laundry services
e.g.
3700/year (308/mo)
insurance
you have to read the contract carefully, because the contracts be very different, and price reflects differences
if employer supplies everything to “Contractor” CRA says that they are no longer “Contractors” but
Employees
to avoid this, employer can avoid supplying everything
E.g.
Oil
But supplies:
laundry, reception, billing, etc.
note independent contractor vs employee
(?)
employee gets to keep the entire charged fee
—> But they pay rent to clinic owner
—> owner may supply things like laundry, billing, reception, etc. – RMT brings oil
—> However, not all owners will provide all of this
—-> some owners will require RMT to do more
—> But in this case, clinic/reception will take care of providing clients/patients for RMT
VS. Employee
—> Employee receives a percentage of the charged fee –> But they don’t pay rent to owner
(E.g. 70/30, or 60/40 split)
—> Generally speaking everything is provided to the RMT
Class 2
..
what type of people does Commercial Real estate sales/leasing (possibly) typically attract?
Commercial Real Estate Sales and Leasing usually attracts the Type A personality,
often with Bachelor of Commerce Degree
and in the higher levels of Corporate Realty an MBA is a requirement.
how do agents in commercial corporate firms begin their career?
Agents in Commercial Corporate Firms are mentored for a long time and start as assistants to more experienced agents,
often given the grunt work and will do the bulk of the showings, enquiries and weeding out of leads.
how do residential real estate agents start their careers?
Residential Realtors often start careers with minimum educational requirements, usually 6 month course with 6 month post-licensing training as required by the BCFSA.
The personality types most often attracted to residential are much more the “Touchy Feely” people,
most are focused only on residential sales helping buyers and sellers.
commercial
Work in teams, at a larger Corporate Brokerage with Jr. Agent qualifying all prospects
May or may not be a Member of a Real Estate Board
Are Licensed and Bound by the Standards of Practice of the British Columbia Financial Services Authority (BCFSA)
(commercial real estate members/agents) Expect prospects to be organized and already know the following:
Location – why that location
Budget - with financing in place
Business Plan
Partnership or Incorporation Docs Avail
Understanding of physical requirements
Understanding of leasing jargon
Other professionals engaged such as Lawyers & Accountants
residential re agent
Usually works independently, under the umbrella of a brokerage ( ie Oakwyn)
Usually focuses on a specific geographic area or neighbourhood
Can be a specialist for types of properties, such as Condos, Detached homes
Could work for a Developer on a Sales team at a pre-sale showroom, instead of in Re-Sale property
Majority of Re-Sale agents are members of the Real Estate Board in their area.
Are Licensed and Bound by the Standards of Practice of British Columbia Financial Services Authority (BCFSA)
commercial…
Commercial Tenancy is only governed by Contract Law – there is no consumer advocate !
It is highly suggested you engage a commercial real estate lawyer to review any leases prior to signing
There is a somewhat standard offer to lease, they can run 20-50 pages.
if issue with commercial realtor?
If you have an issue with conduct of a Commercial Realtor you can lodge a complaint with BCFSA
residential…
Residential Tenancies are governed under the Residential Tenancy Act of BC under the Ministry of Municipal Affairs & Housing
If a property is managed by a Licensee you have recourse with both the BCFSA and Residential Tenancy Branch
If you have issue with Landlord, can deal with RTB directly
Must use the standard forms to be enforceable – RT lease is 6 pages plus any addendums for included items or terms outside of the standard terms.
what is interest in land?
..
register a lease
One of the fundamental aspects of a commercial lease is the ability to register a lease of 5 years or more against the Title of the property.
property id
All properties are identified by a unique 9 digit number called the Property Identification Number (PID) at the Land Title Registry of BC.
title
Title – shows who is the Registered Owner of the Property and any Charges which may affect dealings in the property such as Mortgages, Liens, Judgments, Easements or Statutory Rights of Way and Leases of more than 5 years !
ending lease early?
sold w/o knowledge?
This is important as it means the building you establish your business in can not be sold without your knowledge and your lease should have provisions for compensation for breaking the lease early or assumption of lease and notice to existing tenants of a change of ownership of the building.
how are comercial rental rates often calculated?
Commercial Rental Rates are often calculated and expressed based on the Total Area of the property
such as $28/sqft.
sq ft of property is convention
but most legal documents will refer to ….?
The Sq Ft of the property is the convention but most legal documents such as site surveys and architectural drawings will refer to Square meters
components of rent (formula)
base rent (E.g. $28/Sqft – annual rate)
leasable area (e.g. 1000 sqft)
common area costs (e.g. $12/Sqft)
property tax ($12,000)
—> $4,333.00
triple net lease define
A triple net lease (NNN) assigns sole responsibility to the tenant for all costs relating to the asset being leased, in addition to rent.
“Triple net refers to leases where a tenant rents an entire freestanding commercial building and pays for all property expenses.”
escalating lease
lower lease rate in first years,
get higher in later years
(incentive to business owner to have less burden in initial years of business?)
(alternatively, just to keep up with inflation)
commercial real estate terminology
An excellent website for easy to understand Commercial Real Estate information is at https://www.bdc.ca
incidental expenses
Your costs on top of base rent. These can include property tax, insurance, utilities, maintenance,common area costsand repairs.
common area maintenance
Anincidental expensein some commercial real estate leases. All tenants generally share common area costs. Examples include fees for snow removal, janitorial services, landscaping, grass cutting and property management.
gross rent lease
A type of commercial real estate lease under which you pay a single amount to the landlord that covers base rent and allincidental expenses.
modified gross lease
A type of a commercial real estate lease under which you and the landlord share certainincidental expenses.
net lease
A type of commercial real estate lease under which you typically pay for one incidental expense directly. In a single net lease, you usually pay the base rent plus property taxes (though in some cases, you might pay for insurance or utilities instead). The landlord pays all other expenses.
double net lease
A type of commercial real estate lease under which you usually pay the base rent plus two incidentals—for example, property taxes and insurance. The landlord covers all other expenses
triple net lease
A type of commercial real estate lease under which you typically pay the base rent, plus property taxes, building insurance and utilities, as well as other operating and maintenance costs. The landlord assumes no costs, other than those for structural repairs.
percentage rent lease
A type of commercial real estate lease under which you pay a base rent plus a percentage of gross sales over a certain minimum. These are usually used in malls and other multi-tenant retail locations.
tenant improvement allowance
A cash amount offered by a landlord to help you pay for renovations to a leased space. The allowance is usually a certain amount of money per square foot of rented space. It is sometimes offered as atenant inducement.