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PCs must maintain stock and stock ledgers, along with a host of other corporate requirements. PLLCs only have an annual filing requirement. A PLLC is a specialized type of LLC. While anyone can form an LLC, only certain professionals are able to legally form a PLLC.
A corporation is taxed as a separate entity, with the potential for double taxation if dividends are paid out to shareholders. In contrast, a professional corporation is generally taxed as a pass-through entity, meaning that the corporations income is taxed only once at the shareholder level.
Also known as a P.C. (or PC), a professional corporation is a form of corporation authorized by provincial statute for a specified list of licensed professions, often including: Doctors. Dentists. Lawyers. Public accountants.
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