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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 are the benefits of a professional corporation?

There are several advantages to operating this type of business over other entities such as sole proprietorships and general partnerships. Professional corporations are entitled to favorable tax treatments, liability protections and other benefits provided under the corporate structure.

Does Maryland require PLLC?

While forming a PLLC (professional limited liability company) is required in some states, Maryland doesnt actually recognize PLLCs. Licensed professionals in the state can, however, form a regular LLC or a Professional Corporation.

Does Maryland have professional corporations?

In Maryland, a corporation is only allowed to offer professional services (i.e., be a professional corporation) if every share of stock is owned by a person licensed for the profession.

Does Maryland have PLLC?

Maryland does not allow professionals, such as accountants, attorneys and physicians, to form a professional limited liability companies (PLLCs).; however, professionals may incorporate their businesses as an LLC.

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