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 ...
What is the meaning of the abbreviation PC after a lawyer's name?
PC. In some states, it isn't uncommon to see the name of a law firm or attorney's office with the letters "PC" after it. PC stands for "professional corporation." Like limited liability companies, corporations and other business structures, professional corporations are legally recognized business entities in some states.
What is the abbreviation for Public Attorney?
Apr 17, 2004 · What does the "P.C." stand for in the firm's name "Daniel S. Willard, P.C."? The P.C. stands for "professional corporation". A professional corporation …
What is a professional corporation for lawyers called?
P.C. An abbreviation for professional corporation, which is a special corporation established by professionals, such as physicians, accountants, or, in some states, attorneys, who practice together. In most jurisdictions, a professional corporation may be organized by professionals who render a personal service to the public that requires a license and that, before proper statutory …
What is the abbreviation for Professional Corporation?
Mar 28, 2014 · The PC after an attorney's name stands for professional corporation. It is a special type of firm used sometimes to show someone has …
What does PC stand for in lawyers?
professional corporationA professional corporation is organized under the laws of the state in which it is formed. Unlike a regular corporation, a PC for lawyers requires that each director, shareholder and officer be licensed to practice law.Sep 26, 2018
What is a PC designation?
Professional Corporation. Professional Corporations (PC) are corporations for certain occupations - typically, service professions like lawyers, doctors, architects and the like.Aug 19, 2015
Is a PC an S or C corporation?
PCs are generally taxed like a C-Corporation, with the PC paying taxes at the corporate rate, which can lead to double taxation. PLLCs, on the other hand, are taxed like LLCs, which generally have pass-through taxation of the members.
Is a PC an LLC?
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.
What does J.D. stand for in law?
Each designates a degree the attorney earned. The following are the most common lawyer initials: J.D. J.D. stands for "juris doctor” and is the degree received when an attorney graduates from law school.
What is a J.S.D.?
A Doctor of the Science of Law (J.S.D. or S.J.D.) is the equivalent of a Ph.D. in law. Attorneys who get these lawyer initials generally become scholars or teachers of law and social sciences. This is a very specialized degree that's selectively awarded. LL.B.
What does "esq" mean in law?
If you want to practice law, you'll need to be licensed. Getting licensed earns you the lawyer abbreviation of Esq., which stands for Esquire . There are a variety of other career options available to those who earn a J.D.
What is LL.M. law?
It's a graduate degree and is required to practice law in the United States. LL.M. The Master of Laws (LL.M.) degree is available to people who already have a J.D. It provides advanced legal study and certification in a specific area of law, such as international law, human rights law or intellectual property law.
Tax Breaks
Structuring your business as a PC once meant you had more tax flexibility than many other types of corporations. The Internal Revenue Service changed that in 1986, classifying all PCs as professional service corporations and charging them a flat 35 percent tax rate.
Limited Liability
The main reason to set up your business as a PC is to limit your personal liability from lawsuits and business debts. This doesn't protect you from every financial responsibility, but it helps.
Eligibility
In general, most states allow professions that require licenses to set up PCs. This typically includes doctors, veterinarians, chiropractors, dentists, attorneys, architects and accountants. At least one shareholder must be licensed in the state, although not all the shareholders need to be.
Similar Corporation Classifications
Many states offer a couple of incorporation options to licensed professionals. Professional limited liability corporations, or PLLCs, provide similar liability protection as PCs, but the incorporating parties are called members instead of shareholders.
What does PC stand for in business?
"PC" after a company's name stands for "professional corporation," a type of corporation used by professionals such as lawyers, accountants and doctors because of the limited liability and tax advantages it provides.
How are PCs taxed?
PCs are taxed in a way that comes with both advantages and disadvantages. For example, PC employees have higher contribution limits on retirement plans. PCs can provide health and life insurance benefits tax free and can receive deductions for additional benefits like disability insurance.
Who is Barbara Bean Mellinger?
Barbara Bean-Mellinger is a freelance writer who lives in the Washington, D.C. area. She has written on business topics for afkinsider.com, smallbusiness.chron.com, Harbor Style Magazine, the Charlotte Sun and more, as well as advertising copy and materials.
Does PC cover all liability?
Designed specifically to give some protection from liability to professionals such as doctors, lawyers, architects and others, "PC" does not excuse all liability — it still holds professionals accountable for their own actions.
What is a PC?
A professional corporation, abbreviated as "PC" after a company’s name, is a type of corporation often seen in professions where highly educated people provide services to those who need their expertise, such as accountants, lawyers, doctors, architects, consultants and other professionals. They are often entrepreneurs who have joined in business ...
Is a partnership a partnership?
In a partnership, all partners are liable for the actions of the other partners. This is why professionals often find a professional corporation more advantageous since they are held liable only for their own actions. A limited liability company is like a partnership but with more limited liability.
What is a PC company?
Many people see "PC" after a group of lawyers’ names, and therefore they assume a PC company is a legal term or is related to lawyers.
What is LLC in business?
It offers pass-through taxes, limits on an individual's personal liability, and legal protection for an owner's personal assets. There are no residency requirements for an LLC.
What is a PA?
A PA is an entity designed for businesses offering a professional service. In some jurisdictions, only certain service professions can form a PA. Common professions that utilize the PA designation include:
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"PC." Abbreviations.com. STANDS4 LLC, 2021. Web. 13 Sep. 2021. < https://www.abbreviations.com/PC >.
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Understanding Professional Associations
A PA is an entity designed for businesses offering a professional service. In some jurisdictions, only certain service professions can form a PA. Common professions that utilize the PA designation include: 1. Medical doctors 2. Veterinarians 3. Lawyers 4. Architects Generally, people who own and run PAs must be licensed i…
Understanding LLCs and PLLCs
- An LLC provides a business structure for businesses operated by one or more people. One of the many attractions of an LLC is that it provides a simple business structure. It offers pass-through taxes, limits on an individual's personal liability, and legal protection for an owner's personal assets. There are no residency requirements for an LLC. For persons interested in establishing …
Check with The State
- For people considering establishing a business structure, you can contact the state to determine what options are available. Each state also has information on the limits of different types of business structures. After determining which business structures your planned business may qualify for, take time to consider the tax consequences of one structure over another. The journe…
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