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What is an example of a close corporation?

Other popular close corporation names include H-E-B, Deloitte, PricewaterhouseCoopers (PwC) and Publix Super Markets.

What is a PA 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).

What is the purpose of a professional corporation?

Professional corporations provide a limit on the owners personal liability for business debts and claims. Incorporating cant protect a professional against liability for his or her negligence or malpractice, but it can protect against liability for the negligence or malpractice of an associate.

What are the benefits of a professional corporation?

Professional corporations offer most of the same advantages as a regular corporation: personal asset protection, the ability to issue stock, and tax advantages. The downsides to a professional corporation are also the same as those of a regular corporation, such as the time and money spent on corporate formalities.

What does entity PA mean?

P.A. is the abbreviation for Professional Association, a business corporation engaged in a primary business that provides a professional service. Dominium Consulting Services can also complete the documents necessary to create your professional corporation.

Is PA a corporation?

A professional association (PA) is a type of corporation made up of individuals who belong to a licensed, certified or registered occupation. For example, a PA may be composed of attorneys or accountants.

What kind of corporation is a PA?

A PA is an independent legal entity which continues to exist for decades after its creation. A majority of states have strict restrictions on who can form a professional corporation and the services they can offer.

What is a PA close corporation?

A statutory close corporation may be one or more of the following: a nonstock corporation, a registered corporation, a professional corporation and an insurance corporation. Source. The provisions of this 27.2 adopted April 17, 1992, effective April 18, 1992, 22 Pa. B. 1993.

How do I form a professional corporation in PA?

How to Form a Pennsylvania Professional Corporation Choose a Name for Your Pennsylvania professional corporation. Select a Pennsylvania registered office. Complete your Pennsylvania Articles of Incorporation. Establish a corporate record. Designate a Pennsylvania professional corporation board of directors.

What is the difference between a PA and a LLC?

For example, a PA may be composed of attorneys or accountants. A limited liability company (LLC) is a type of company in which taxes flow through, so the members, rather than the company, pay taxes on the profit.

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What is an example of a close corporation?

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