Professional Corporation Bylaws

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Commonly Asked Questions about Professional Corporation Bylaws

Are bylaws required for a corporation in NY?

After the corporate existence has begun, an organization meeting of the incorporator or incorporators must be held for the purpose of adopting by-laws, electing directors and transacting any other business. (See Section 404 of the Business Corporation Law.)

Is it true or false in a limited liability corporation members are not personally liable?

Like corporations, but unlike partnerships, LLC members usually are not personally liable for judgments against the business unless they sign a personal guarantee.

Do corporations limit personal liability?

For example, stockholders in a corporation in almost all circumstances cannot be held liable for anything, facing only the potential loss in the price of their shares. However, there often are important exceptions to limited personal liability that vary depending on the relationship.

What is the difference between a professional corporation and a professional limited liability company?

The difference between a PC and a PLLC is ultimately the same as the difference between a corporation definition and a regular LLC. One major difference is how these entities are taxed. The PLLC has a few options for taxation, and all of them are likely to save ownership money compared to a PC.

What is the structure of a professional corporation?

A professional corporations ownership is a bit different than other business structures. PCs are owned by shareholders. These shareholders are professionals. The board of directors typically makes docHub business decisions.

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

As mentioned earlier, a corporation can be owned by anyone, including individuals, other corporations, or even foreign entities. However, a professional corporation can only be owned by licensed professionals who are authorized to provide professional services in their respective fields.

Does a professional corporation protect personal assets?

A professional corporation (PC) provides liability protection to small business owners. This separates you and your personal assets from the business.

Does a professional corporation limit liability but not for ones own malpractice?

a professional in a professional corporation continue to be liable for the professionals own misdeeds, as he would have been had he been a partner or limited partner.