Professional Corporation Bylaws With Board
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How to fill out Sample Bylaws For A California Professional Corporation?
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FAQ
One of the key differences between a corporation and a professional corporation is that the shareholders of a professional corporation must be licensed professionals who are authorized to provide professional services in their respective fields. This requirement does not apply to a regular corporation.
The corporation will be required to have its own Employer Identification Number (EIN). Additionally, payroll taxes are a necessity for non-owner employees. The IRS also requires that the professional corporation issue a Form K-1 to all owners of the corporation for their individual tax returns.
Bylaws document the rules for how the corporation shall be governed. Resolutions are prepared as needed to document important decisions and actions taken by the board of directors on behalf of the corporation.
Bylaws are not the same as articles of incorporation?the articles are a short document filed with your state to form your business. Bylaws are a longer, more detailed, internal document. Both for-profit and nonprofit corporations should have bylaws.
In California, you're required to form a professional corporation if you provide professional services that require a license, certification, or registration.