Sample Corporate Records for a Kansas Professional Corporation
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FAQ
Professional corporations or professional service corporation (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
Professional Associations and Professional Corporations Thus, most professional associations are, in-fact, merely professional corporations.S Corps are pass-through entities, meaning that owners need not pay corporate taxes, and instead can claim business profits/losses on their individual tax returns.
Qualifications to Elect S Corporation Status It must be a domestic (U.S.) corporation, with no foreign investors; It must have no more than 100 shareholders; It has only one class of stock; It must use a December 31 year-end.
Usually, the individuals who form and administer the affairs of the PA must be qualified professionals in the profession in which the association is operating. A PA is an independent legal entity which continues to exist for decades after its creation.
Professional corporationslike traditional corporationscan take two forms: S Corps or C Corps.However, owners typically have the option to elect for S Corp status by completing and submitting IRS form 2553: Election by a Small Business Corporation.
A professional corporation is a variation of the corporate form available to entrepreneurs who provide professional servicessuch as doctors, lawyers, accountants, consultants, and architects.In a professional corporation, the owners perform services for the business as employees.
Rule -1A(d) expressly authorizes a professional corporation actually and actively engaged in the practice of law to hold shares of stock in another professional corporation covered by this rule.
A professional corporation can be either a regular C corporation that is a separate taxpaying entity that files its own tax returns and pays taxes at corporate tax rates, or it can elect to be taxed as an S corporation in which profits or losses are passed through the corporation to be taxed on the shareholders'
A professional corporation is one that only performs services in one, single profession. It is a specific type of corporation for professionals like doctors, lawyers, accountants, etc. The professional is able to form a corporation, but the professional remains liable for his or her own actions.