Professional Corporation & PLLC Forms - Professional Corporation
If you are a professional provider of services and need to form a Professional Corporation, this package can do so and save you time and money in the process. Includes state-specific Articles or Certificate of Incorporation, By-Laws, Organizational Minutes of the Incorporators, Shareholders, Directors and much more. Select your state below to read complete details and to download your Professional Corporation Package today!
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Is a Professional Corporation Right for You? Professional Service Corporation
A professional corporation is a form of business undertaking that is a corporation created for the purpose of carrying out a profession. In some jurisdictions, a professional corporation is also known as a professional services corporation.
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Professions which need a license to practice, such as lawyers, real estate brokers, architects, certified public accountants, and medical professionals, including doctors, physicians, and dentists, can start a corporation. Some jurisdictions mandatorily require professionals in the aforesaid professions to have professional corporations.
A professional corporation can be formed as an S Corporation, C Corporation, or as a limited liability corporation called a professional LLC (PLLC). Laws that apply to a professional corporation differ significantly from those pertaining to other corporations. For instance, unlike other corporations, a professional corporation can function with a solo director, who is a professional. Moreover, the members of a professional corporation are not protected from liability for professional malpractice or negligence by the licensed professionals.
Governing law of a professional corporation is the state law where the corporation is incorporated. Most of the states have special statutes for professional corporations. State-specific statutes provide special provisions for professional corporations.
Each state stipulates its own rules and regulations regarding forming and operating a professional corporation. Such statutes consist of restrictions on who can be a member, officer or director of the corporation. The Internal Revenue Service (IRS) also has particular tax rules for professional service corporations.
A majority of state statutes specify that such corporations must categorize themselves as professional corporations by inscribing the terms "P.C." or "PC" after the corporation's name. State statutes also limit ownership of a professional corporation by limiting membership rights to persons appropriately licensed to deliver the professional services offered by the corporation.
Licensed professionals who own a corporation are, in the legal sense, employees of their own business. All the members within a professional corporation must be carrying out the same profession. For instance, members of a legal professional corporation must be restricted to those practicing legal profession. Members can form a corporation as part of a larger legal body; for instance, a medical practice or a law firm can be formed as an affiliation of several professional corporations.