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A professional service corporation, also called a professional corporation, is an incorporated business under state law that provides some kind of service that requires the work of licensed professionals.
Professional corporations (PCs), or professional service corporations, are a unique corporate structure which is comprised of a specific group of professionals. An S corporation or a C corporation may be formed by certain professionals including physicians, attorneys, engineers, or accountants.
What is a Professional Service Corporation and when can it be used? A professional service corporation organized under the Illinois Professional Service Corporation Act (“the Act”), 805 ILCS 10/ et. seq., is organized solely for the purpose of rendering one category of professional services or related professional services. Under the Act, a ...
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).
In many states, professionals who want to incorporate their practice must form a special type of corporation called a professional corporation or professional services corporation. How to Form a Professional Corporation in Florida.
When considering which entity may be right for you, it is important to note their differences. At least three issues distinguish professional LLCs from professional service corporations: insurance, taxes, and governance. 1. Insurance. For starters, professional LLCs are required to have insurance, whereas professional service corporations are not.
A professional limited liability company (PLLC) is a business structure that offers personal asset protection for business owners in licensed occupations, such as medicine and law. Only...
A professional corporation (abbreviated as PC), also known as a professional service corporation (abbreviated as PSC), is a type of corporation established by state statute that permits owners of certain licensed professions, such as attorneys, architects, engineers, accountants, and dentists, to own shares in a corporation organized to render ...
A PC is a C corporation for tax purposes, meaning that it is a separate tax paying entity that files its own tax returns and pays taxes at the corporate rate (a flat 21% as of November 2022). A PC can qualify for “personal service corporation” treatment by the IRS.
A professional corporation is an entity established by a specific type of professional, such as an attorney, doctor, architect, or veterinarian, to provide a service related to their profession. Professional corporations are registered according to the governing laws of a specific state.