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In United States tax law, a corporation is a personal service corporation if it meets all of the following requirements: [2] 1. Its principal activity during the “testing period” is performing personal services (defined later). Generally, the testing period for any tax year is the prior tax year. If the corporation has just been formed, the ...
The creator of the corporation is typically the sole shareholder, [1] and thus the corporation is used as a means to reduce their personal liability, protect their assets and exploit taxation advantages. Loan-Out corporations are especially prominent in the entertainment and professional sports industries, as the creator's services are ...
Personal service may refer to: Personal service sector of the economy, which delivers services rather than goods; Service of process, delivery of court documents to a person; Personal Services, 1987 comedy film set in a brothel; Taxation. Personal service corporation in United States tax law; IR35, United Kingdom tax law for individuals paid ...
Personal service corporation; Private company limited by shares; Private limited company; Private military company; Privately held company; Production association; Professional corporation; Proprietary company; Public company; Public development authority; Public limited company; Public transportation benefit area; Unlisted public company; Pure ...
Another branch of the current bank, the Philadelphia–based Provident National Corporation, dates back to 1865. [11] In 1982, Pittsburgh National Corporation and Provident National Corporation, both with PNC as their abbreviations, merged into a new entity named PNC Financial Corporation. It was the largest bank merger in American history at ...
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Corporation Service Company (CSC) was founded in 1899 by Otho Nowland, then president of Equitable Guarantee & Trust Company, and Christopher L. Ward. With an initial investment by Nowland, Ward, and another friend, Willard Jackson, The Delaware Incorporators’ Trust Company was created. [3]
Professional corporations or professional service corporations (abbreviated as PC or PSC) are those corporate entities for which many corporation statutes make special provision, regulating the use of the corporate form by licensed professionals such as attorneys, architects, engineers, public accountants and physicians.