what does pc in attorney mean

What does PC stand for after an attorney name?

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 does PC mean in legal terms?

Oct 07, 2020 · 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 does PC mean after a law firm name?

Apr 21, 2020 · 1 attorney answer. The initials pc after an attorney's name mean typically refers to the business or corporate name of the attorney or their law firm and is short for Professional Corporation and would be similar to a LLC, but a different corporate structure. This answer is for informational purposes only.

What is the meaning of PC in law?

Oct 07, 2020 · Professional Corporation (PC) To set up a professional corporation, all shareholders in the business must be licensed to practice the same profession. For example, PC is the business structure commonly chosen by attorneys, doctors, architects, accountants, engineers, veterinarians, and others in similar fields.

What does PC mean in medical terms?

Medical doctor (not a chiropractor —DC— nor an osteopathic physician —DO). PC means professional corporation that he has formed to run his business activities. If he is board certified, he will also have other initials, such as FACOG (fellow of the American college of obstetricians and gynecologists), etc.

What is the difference between a PC and 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 is a professional corporation?

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 …

Can a law firm be an LLC?

Any law firm can choose to become incorporated as an LLC for legal and financial protection. In most cases, if one member of an LLC has a lawsuit brought against them, the other members will be protected from liability, and only the one member will be affected.

Is LLP a separate entity?

LLP is a separate legal entity and can hold assets in its name. The status of Partnership Firm does not have separate identity from its Partners. The liability of Partners is limited to the extent of their contribution in LLP. Further, one Partner is not affected or not held liable for the actions of another Partner.

What is a PC degree?

Medical doctor (not a chiropractor —DC— nor an osteopathic physician —DO). PC means professional corporation that he has formed to run his business activities. If he is board certified, he will also have other initials, such as FACOG (fellow of the American college of obstetricians and gynecologists), etc.

What is a PC person?

adjective. If you say that someone is PC, you mean that they are extremely careful not to offend or upset any group of people in society who have a disadvantage. PC is an abbreviation for politically correct.

What type of company is a PC?

To set up a professional corporation, all shareholders in the business must be licensed to practice the same profession. For example, PC is the business structure commonly chosen by attorneys, doctors, architects, accountants, engineers, veterinarians, and others in similar fields.

How does a doctor sign their name?

Place the title of “Dr.” before the name of a person who is a doctor of medicine or psychology, doctor of dentistry, or doctor of veterinary medicine. For example Dr. George Ross. Always write the word “doctor” in its abbreviated form when it goes before the person’s name.

What is a PC answer?

PC Answers was a computer magazine published in the United Kingdom by Future plc. It was notable for its focus on the technical side of computing. It ran several series of articles on overclocking, a “Danger!

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.

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.

Do you need articles of incorporation for a PC?

The formation of a PC requires articles of incorporation be filed along with the applicable fees with your secretary of state. There are also annual filings as dictated by state law. The articles should state:

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.

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.

Is PC a legal entity?

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. It is a legal term in the sense that a professional corporation is a legal entity that provides professionals with certain tax and legal advantages. However, professional corporations are not only for lawyers;