what does an attorney with p c mean

What does PC after a law firm or attorney's office mean?

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 difference between a PCs and a PLLC?

Mar 28, 2014 · PC or "P.C." stands for "Professional Corporation", a special form of corporation which retains some personal liability for the principals of the business.

What is a professional corporation for lawyers called?

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 …

Are PC companies related to lawyers?

Jan 17, 2008 · 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 law?

Why do some lawyers have PC after their name?

What is a PC title?

What does PC stand for after someone's name?

What is the difference between PC and LLC?

What does pa stand for in law?

What is a PC Accountant?

What does PC mean in a company name?

What does PC stand for in documents?

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.

What does the letter PC mean?

The all-cap letters "PC" can stand for many things in our lives. The personal computer became known as a PC shortly after its debut. More recently, being PC has meant being politically correct, or saying what is customarily accepted as the "right" thing to say to avoid offending anyone regardless of what you might want to say. However, when you see the letters "PC" with lawyers' names, other professionals' names or after a company's name, the "PC" meaning is clear: professional corporation.

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.

What is a PC after a name?

Understanding "PC" After a Name. 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.

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.

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.

Can a doctor in a solo practice and a PC of doctors join an LLC?

So, a doctor in a solo practice and a PC of doctors could join an LLC that has other doctor members as well. A disadvantage, however, is that members of an LLC are generally required to carry a high level of malpractice insurance.

What is a PLLC and PC?

A PLLC and a PC will both provide an additional layer of protection against malpractice suits arising from actions taken by other owners of the company for a professional service. Note that this doesn’t mean an individual is shielded from malpractice due to their own actions or negligence, rather they would only be responsible for their own suits and not those to be taken up against another shareholder.

Why are LLCs so popular?

LLCs are popular among small business owners because they are relatively simple to set up and require little paperwork to maintain. Corporations, on the other hand, have a much higher administrative burden and regulations they need to abide by.

What is LLC pass through?

In terms of tax advantages and tax law, an LLC has the flexibility to go with the default, which is “pass through” taxation, S-Corp. designation, which is also “pass through” and comes with some other restriction, or C-Corp. taxation where you pay corporate tax.

Is a C corporation a S corporation?

Corporations default to C-Corp. taxation when they are formed. This means that they are considered a taxpaying entity and pay corporate tax on income. This income is then paid out to shareholders who need to pay taxes again on their personal income. For this reason, many small business owners opt to convert an to S-Corp. instead. Professional Corporations can also elect to be classified as an S-Corp.

Is a PC a corporation?

Similar to how the PLLC is analogous to the LLC, a PC is in many ways similar to a standard corporation. The main difference being, again, that professionals cannot operate as regular corporations and only professionals can be shareholders in a PC.

Is it easier to start a corporation or an LLC?

As we’ve previously mentioned, it’s a bit more complicated to start a corporation than an LLC. There are regulations that vary from state to state, but generally the process is roughly like this for creating a Professional Corporation:

Can an LLC be a sole proprietorship?

An LLC can be opened by pretty much anyone who wants to run a business and protect their personal assets. This is what is meant by the term limited personal liability and the main reason people who start off as sole proprietors or in partnerships choose to incorporate.

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 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.

What is LL.B. in medical?

LL.B. The Legum Baccalaureus (LL.B.) is the foreign equivalent of a J.D. It's not available in the U.S.

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.

Do lawyers have abbreviations?

When reading the names of some attorneys, it can seem like there's an entire alphabet written after the surname. Essentially, the more education an attorney has, the more lawyer abbreviations you might find after the individual's written name. If you have any interest in going to law school, it's helpful to understand the meaning behind the abbreviations and know which of these degrees may work best for you.

What is the term for a lawyer?

In some common law countries the professions of solicitor and barrister are fused together and, in many of those countries, the term “attorney” is used to describe lawyers.

What does P.A. stand for?

P.A. stands for “Professional Association” which is a type of business entity which can only be created by people in certain professions (most commonly lawyers).

What does PA mean in business?

PA = PC [Professional Corporation] in all practical respects. However, the PA will lack formal organizational documents for “a corporation” and the PA will likely have to publish the banns at the time of its formation - as do LLCs. To publish the banns [which. Continue Reading.

What was the role of lawyers in England and Wales?

In England and Wales we used to have attorneys, who advised clients and prepared cases for trial in courts of law (“law” having an arcane and restrictive meaning in this context). The same job was done by solicitors in courts of equity, a parallel system of courts which applied different rules.

What is a professional association?

Professional Associations are a form of business entity that is available in some states for a business that primarily engages in a professional service. The “PA” is similar to a corporation. Other professionals, like real estate agents, doctors, and architects, can also organize their business entity as a PA.

Can you sue a lawyer for malpractice?

However; you may still sue the lawyer, personally, for malpractice.

Can a lawyer organize their business activities?

Professional Association. Some US states permit lawyers to organize their incidental business activities behind a personal liability shield.

What is a PC for lawyers?

Unlike a regular corporation, a PC for lawyers requires that each director, shareholder and officer be licensed to practice law. Further the legal PC may only provide services in its field.

What is a PC in business?

A PC is much more formal, as operating decisions often require director approval and votes of shareholders. As with any corporation, you must hold shareholder and director meetings, keep records and minute books.

How to form an LLC?

It's easy to form an LLP or LLC; typically all that's necessary is completing a registration form and filing it with the Secretary of State. Some states, such as California, require registration with the State Bar to allow for the limitation of vicarious liability for the tortious acts of partners or employees.

What are the advantages of an LLC vs a PC?

One of the key benefits of a LLP or an LLC compared to a PC is flexibility. Each partner has the right to manage the business entity and make decisions about daily business operations. The basic governing structure is a partnership agreement, which doesn't even have to be written. However, individual states have statutes which will address certain aspects of the business, if there is no written agreement in place. So, if there is no written agreement or the agreement doesn't address particular issues, the LLP or LLC will be subject to the gap-filling provisions in their states' business code.

What is the difference between a PC and an LLC?

There's a huge tax difference between a PC and a LLP or an LLC. A professional corporation is a business entity that must pay income taxes for the corporation itself, which may result in double taxation. However, with an LLP or LLC, the member pays individual taxes, not the entity itself.

Why do lawyers need a formal business structure?

The key reasons to have a formal business structure is for liability protection and tax considerations. None of the business organization structures will protect an attorney from personal liability for professional malpractice, personal loan guarantees, or intentional torts.

What is professional corporation?

A professional corporation is a product of state laws which provide detailed provisions on what the corporation can and cannot do. A corporation should have its own set of by-laws and agreements that dictate the responsibilities and conduct of the corporation, its directors, and shareholders.