North Dakota Reduction in Authorized Number of Directors
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How to fill out Reduction In Authorized Number Of Directors?
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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 difference between LLC and PC is straightforward. A limited liability company (LLC) combines the tax benefits of a partnership and the limited liability protection of a corporation. A professional corporation (PC) is organized ing to the laws of the state where the professional is licensed to practice.
The professional corporation or PLLC's sole purpose must be to provide the services of the licensed professionals, such as providing legal or medical services. In addition to the standard state-naming requirements, the name must clearly indicate that it is a professional corporation or PLLC.
The major difference between a traditional corporation and PC is that a PC is designed to protect licensed professionals and their personal assets. Licensed professionals may incorporate as a PC, as long as they meet the entity's specific requirements.
A professional corporation may render: One specific type of professional service and services ancillary thereto; or. Two or more kinds of professional services that are specifically authorized to be practiced in combination under North Dakota's licensing laws of each of the professional services to be rendered.
Consider, for example, a company with three equal shareholder/directors. If two of the three fallout with the third, they have the voting power to remove him or her from office. A 'Bushell v. Faith clause' in the articles can prevent this.