Oh An Corporation

If you're starting a business that provides a professional service, you could consider both a professional association (PA) or a limited liability company (LLC).

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.

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.

Do I have to file an annual report? Business entities in Ohio are not required to file an annual report.

Professional Associations and Professional Corporations Thus, most professional associations are, in-fact, merely professional corporations.

Key Things to Know About Annual Reports Currently, all states, except Ohio, require some sort of annual report filing. Specific filing requirements and deadlines vary by state. Some states also require an initial report when first starting a business.

A PA, or professional association, is a business entity that is limited to specific professions. In contrast, an LLC, or limited liability company, is a hybrid between a corporation and a partnership. Each state has specific regulations for each type of business entity.

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'