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Commonly Asked Questions about US Professional Corporation Forms

Both C and S corporations must file a federal income tax return. C corporations use Form 1120 to calculate their taxes due. S corporations use Form 1120S as an information return. S corporations must also prepare a form 10 K-1 for each shareholder to include with their individual returns.
All California C corporations and LLCs treated as corporations file Form 100 (California Franchise or Income Tax Return).
Unlike existing business structures such as a professional service corporation (PC), registered limited liability partnership (RLLP) and professional service limited liability company (PLLC), a Design Professional Service Corporation (D.P.C.) has the flexibility of offering an ownership interest in professional
Limited liability companies (LLCs). LLCs only file Form 1120 if theyve elected to be taxed as a corporation. Partnership LLCs file Form 1065 instead and single-member LLCs usually file their taxes via the owners personal federal tax return.
Professional S Corporation This is achieved by filing Form 2553 with the IRS.
LLC members can run the business without any specific skills or certifications. Each owner in a PC must be a licensed professional to operate. Another difference between a PC and LLC is in how the entities are taxed.
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.
The IRS guidelines stipulate that while most corporations are exempt from receiving 1099 forms, certain payments to corporations for medical and health care services, legal services, and substitute payments in lieu of dividends or interest must be reported on a 1099.