Professional Corporation Templates

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Commonly Asked Questions about Professional Corporation Templates

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

Often this is done by including Professional Corporation or Professional Limited Liability Company or the abbreviation P.C., PC, or PLLC or, in some states, P.A. (professional association) or S.C. (service corporation).

What is the abbreviation for a professional corporation?

A professional corporation (PC) is a corporation organized under state law to provide services by licensed professionals. Some states use the term professional service corporation (PSC) or professional association (PA).

How do you name a professional corporation?

California Professional Corporation Name Requirements Some licensing bodies may have additional requirements, but the California Corporations Code sets forth basic rules: The name cannot include the words bank, trust, trustee, or similar words without approval. Any name chosen may not deceive the public.

Is C Corp the same as professional corporation?

At a corporation level, C-corps are the default type of tax designation for professional corporations. Hence, you are appointed a C-Corp when seeking to form a corporation unless you fill out additional forms.

Why create a professional corporation?

A professional corporation is a corporation owned and operated by one or more members of the same profession. The shareholders of a professional corporation registered with CPA Ontario can be: one or more members of CPA Ontario. other professional corporations registered as firms with CPA Ontario.

Is a professional corporation the same as an S Corp?

An S corporation is in essence a corporation or a professional corporation that elects the S corporation tax status. Federal law provides that an S corporation is a hybrid business entity. It has corporate features such as limited liability, but gives the owners tax benefits that are comparable to a partnership.

How do you abbreviate professional corporation?

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.