what does pc mean for an attorney

What is the difference between a LLC and a 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 does PC stand for after an attorney name?

Apr 17, 2004 · Answer. Subject: Re: "PC" after a Lawyer's name. Answered By: juggler-ga on 16 Apr 2004 23:54 PDT. Rated: Hello. P.C. stands for "Professional Corporation." Many jurisdictions recognize a special...

What does PC mean in legal terms?

Law PC abbreviation meaning defined here. What does PC stand for in Law? Get the top PC abbreviation related to Law.

What does PC mean after a law firm name?

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 are the advantages of LLC?

That means that members' personal assets are legally distinct from the LLC's assets. So, in the event someone sues the LLC, member assets are shielded from the proceeds of the lawsuit.

Is it easier to start an LLC?

Another advantage is that an LLC has minimal paperwork requirements, which makes launching an LLC rather easy. An LLC can have multiple members or as few as one member. As such, it is advantageous for someone with a small home-based business to incorporate as an LLC.

Does an LLC pay taxes?

An LLC also provides members with pass-through taxation, which means that the LLC does not pay taxes on profits earned. Instead, profits "pass through" to the members, who pay personal income taxes on profits distributed by the LLC.

Is an LLP a partnership?

As the name suggests, an LLP is a partnership, which means, in contrast to an LLC, that there is no flexibility for creating centralized management.

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 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.

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.

What happens if there is no written agreement?

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.

Can a lawyer form a limited liability company in California?

Unlike other states, California does not allow lawyers to form a limited liability company. Instead, California allows for the use of a professional limited liability partnership (LLP). Every other state allows for the formation of an LLC or a professional limited liability company (PLLC) for law firms.

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 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 ...

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.

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 professional corporation?

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; PCs benefit many types of professionals by giving them legal protections and tax advantages. 00:00. 00:02 09:16.