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Such corporations must identify themselves as professional corporations by including "PC" or "P.C." after the firm's name. [1] 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.
The primary characteristic an LLC shares with a corporation is limited liability, and the primary characteristic it shares with a partnership is the availability of pass-through income taxation. As a business entity, an LLC is often more flexible than a corporation and may be well-suited for companies with a single owner. [5]
organizations of professional self government of certain entrepreneurs (trade and services unions for entrepreneurs active in trade, gastronomy or services, excluding those acknowledged as craft or those exercising a profession governed by a regulatory college; transportation unions for entrepreneurs active in transportation; federations of the ...
LLC vs. Corporation. TJ Porter. April 30, 2024 at 1:37 PM. ... (LLC) is a business entity that helps to protect the business owner from the liabilities incurred by the company they own.
LLC stands for "limited liability company," which is a business structure that combines the pass-through taxation of a sole protectorship with the limited liability of a corporation.
There are a number of legal benefits that come with incorporation. One significant legal benefit is the protection of personal assets against the claims of creditors and lawsuits. Sole proprietors and general partners in a partnership are personally and jointly responsible for all the legal liability (LL) of a business such as loans, accounts payable, and legal
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