Professional Corporation

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Commonly Asked Questions about Professional Corporation

Type What type of corporation is a professional corporation?

A professional corporation (abbreviated as PC), also known as a professional service corporation (abbreviated as PSC), is a type of corporation established by state statute that permits owners of certain licensed professions, such as attorneys, architects, engineers, accountants, and dentists, to own shares in a professional corporation | Wex | US Law | LII / Legal Information Institute cornell.edu wex professionalcorpor cornell.edu wex professionalcorpor

What is the difference between a professional corporation and an LLC?

Theres a huge tax difference between a PC and a LLP or an LLC. A professional corporation is a business entity that must pay income taxes for the corporation itself, which may result in double taxation. However, with an LLP or LLC, the member pays individual taxes, not the entity itself.

Whats the difference between a corporation and a professional corporation?

One of the key differences between a corporation and a professional corporation is that the shareholders of a professional corporation must be licensed professionals who are authorized to provide professional services in their respective fields. This requirement does not apply to a regular corporation.

What is the meaning of professional corporate?

: a corporation organized by one or more licensed individuals (such as a doctor or lawyer) especially for the purpose of providing professional services and obtaining tax advantages.

What is the purpose of a professional corporation?

Professional corporations are organizations of professionals in the same field or trade. These professionals include doctors, lawyers, accountants, and others. Unlike a general partnership or limited liability partnership, a PC offers both business owners and corporation owners liability protection.

Why do professional corporations exist?

Forming a professional corporation provides benefits that include limited liability protection for its owners against the debts and legal obligations of the business, as well as the ability to deduct the cost of benefits it provides to employees and officers.

What are the advantages of a professional corporation?

One of the primary advantages of forming a professional corporation in California is the limited liability protection it offers to its shareholders (licensed professionals).

What is the difference between a professional corporation and a C Corp?

While traditional corporations their professional corporations are mostly similar, there is one key difference: with professional corporations (such as C Corps), owners are protected from legal claims made against their business, unless the claim was a result of the owners own mistake.