Professional corporation

Professional corporation

Professional corporations (abbreviated as PC or P.C.) 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, and doctors. Legal regulations applying to professional corporations typically differ in important ways from those applying to other corporations.Cite web |url=http://www.nolo.com/definition.cfm/Term/DA82D48C-D58A-4456-9F76C43199DE644A/alpha/P/ |title="Professional corporation" in "Glossary" |work=|accessdate=2008-06-26|quote=A legal structure authorized by state law for a fairly narrow list of licensed professions, including lawyers, doctors, accountants, many types of higher-level health providers and often architects. Unlike a regular corporation, a professional corporation does not absolve a professional for personal liability for her own negligence or malpractice. The main reason why groups of professions choose this organizational structure is that, unlike a general partnership, owners are not personally liable for the malpractice of other owners. In some states, limited liability partnerships offer this same benefit and may be more desirable for other reasons.] Professional corporations, which may have a single director or multiple directors, do not usually afford that person or persons the same degree of limitation of liability as ordinary business corporations (cf. LLP). Such corporations must identify themselves as professional corporations by including "PC" or "P.C." after the firm's name.Cite web |url=http://www.toolkit.com/small_business_guide/sbg.aspx?nid=P01_4770 |title="Starting Corporations"|work=|accessdate=2008-06-26|quote=Professional corporations. The corporate form can also be used for professional service providers. The main advantage of incorporating is that professionals in the corporation are not liable for the malpractice of others in the corporation, but they still remain liable for their own individual acts. Incorporating a professional corporation is essentially the same as incorporating any other corporation. A professional corporation however, must identify itself as such by including the following in its name: P.C., P.A., chartered, or incorporated.] Professional corporations often exist as part of a larger, more complicated, legal entity; for example, a law firm or medical practice might be organized as a partnership of several or many professional corporations.Facts|date=June 2008

ee also

*LLP

Notes

External links

* [http://www.nolo.com/resource.cfm/catid/5de04e60-45bb-4108-8d757e247f35b8ab/111/182/ "Business & human resources">"Main topics">"Ownership structures"] and [http://www.nolo.com/glossarycategory.cfm/catID/1745D9A3-D50D-4AAD-BFB3ED609A4EE3F5 "Glossary"] (searchable) at "". Accessed June 26, 2008.
* [http://www.toolkit.com/small_business_guide/sbg.aspx?nid=P01_4770 "Small Business Guide: Your Online Resource">"Starting Your Business">"Choosing a Form of Organization">"Starting Corporations">] and [http://www.toolkit.com/small_business_guide/index.html "Table of Contents"] (searchable) at . Accessed June 26, 2008.


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Look at other dictionaries:

  • professional corporation — see corporation Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. professional corporation …   Law dictionary

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  • professional corporation —    A corporation that is formed to conduct a profession that requires a license to practice (e.g., attorneys, doctors, dentists, certified public accountants, architects, real estate brokers). Unlike a regular corporation, a professional… …   Business law dictionary

  • professional corporation — noun : a corporation organized by one or more licensed individuals (as a doctor, lawyer, dentist, or physical therapist) especially for the purpose of providing professional services and obtaining tax advantages * * * a corporation formed by one… …   Useful english dictionary

  • professional corporation — noun Date: 1970 a corporation organized by one or more licensed individuals (as a doctor or lawyer) especially for the purpose of providing professional services and obtaining tax advantages …   New Collegiate Dictionary

  • professional corporation — A corporation formed for the purpose of practicing a profession. 18 Am J2d Corp §§ 31, 32. As a general rule a corporation cannot lawfully engage in the practice of law, or in the practice of medicine, surgery, or dentistry. Some statutes,… …   Ballentine's law dictionary

  • professional corporation — a corporation formed by one or more licensed practitioners, esp. medical or legal, to operate their practices on a corporate plan. Abbr.: PC, P.C. [1965 70] * * * …   Universalium

  • professional corporation — profes′sional corpora′tion n. ecn a corporation formed esp. by licensed medical or legal professionals to operate their practices on a corporate plan Abbr.: PC 4) P.C • Etymology: 1965–70 …   From formal English to slang

  • corporation — cor·po·ra·tion /ˌkȯr pə rā shən/ n [Late Latin corporatio, from Latin corporare to form into a body, from corpor corpus body]: an invisible, intangible, artificial creation of the law existing as a voluntary chartered association of individuals… …   Law dictionary

  • professional — I (stellar) adjective admirable, businesslike, choice, commendable, excellent, exemplary, foremost, highest quality, illustrious, incomparable, laudable, model, paramount, praiseworthy, preeminent, prime, principal, sterling, superb, superior,… …   Law dictionary

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