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What is the meaning of professional corporation?

Definition of professional corporation : 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 an example of a professional corporation?

Professional corporations may exist as part of a larger, more complicated, legal entity; for example, a law firm or medical practice might be organized as a partnership of several or many professional corporations.

What are the 4 types of corporations?

There are four general types of corporations in the United States: a sole proprietorship, a Limited Liability Company (LLC), an S-Corporation (S-Corp), and a C-Corporation (C-Corp).

What is the structure of a professional corporation?

Unlike a general business corporation, a Professional Corporation is an entity structure with the purpose of providing professional services. It is established typically by a group of individuals who are licensed in the same profession.

What is a professional corporation CRA?

A professional corporation is a corporation owned and operated by one or more members of the same profession. Only members of certain professions, such as physicians, lawyers, accountants and dentists can operate a professional corporation.

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