Corporation Forms

A PLLC with one member pays taxes as a sole proprietorship, while a PLLC with multiple members pays taxes as a partnership. LLCs pay income taxes by passing on the net income or loss of the LLC to its members.

Choose a Corporate Name. File Articles of Incorporation. Appoint a Registered Agent. Prepare Corporate Bylaws. Appoint Directors and Hold First Board Meeting. File Annual Report. Obtain an EIN.

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.

Members of a PLLC aren't personally liable for the malpractice of any other member. PLLC members are not personally liable for business debts and lawsuits, such as unpaid office rent. The PLLC can choose to be taxed as a pass-through entity or as a corporation.

The PLLC is does not pay income taxes as an entity at the federal level. A single member PLLC is automatically treated as a disregarded tax entity, the same as a sole proprietor, giving it pass-through tax treatment. However, a single member PLLC may choose to be taxed either as a C Corporation or an S 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 according to the laws of the state where the professional is licensed to practice.

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

To form a PLLC, a licensed professional must sign all filing documents as well as include their professional license number and a certified copy of their license. Importantly, they must submit these documents for approval with their state licensing board before filing them with their state's secretary of state.

Individual Reports A partnership PLLC must file a Form 1065, Return of Partnership Income, showing income, deductions and any profit or loss. This is an informational return, and no taxes are assessed. A Schedule K-1 with the form shows each partner's share, to be reported on a personal return.