what does pc mean for attorney

What is the difference between a LLC and a PC?

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."

What does PC stand for after an attorney name?

Apr 17, 2004 · What is the meaning of the abreviation "PC" after a lawyer's name as in John Jones, PC ? Hello. P.C. stands for "Professional Corporation." Many jurisdictions recognize a …

What does PC mean in legal terms?

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 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 …

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.

Evan Kyle Guthrie

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.

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 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.

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 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.

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 are the rules for S corp?

An S-Corp. is very similar to the taxation of a sole proprietorship, partnership, or LLC, in that it receives “pass through” taxation as discussed previously. However, there are some other regulations that come along with being an S Corporation, including: 1 The maximum number of shareholder is 100 2 Shareholders must be US citizens or permanent residents 3 One class of stock can be offered

What does it mean to be your own boss?

Being your own boss and starting your own company means you’re now responsible for looking into all the administrative practices, paperwork, legal documents, and taxes yourself.

How many shareholders can an S corp have?

However, there are some other regulations that come along with being an S Corporation, including: The maximum number of shareholder is 100.

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 happens if you start an LLC?

By starting an LLC or corporation, you as the owner separate yourself from the business entity. This means if your business should ever get into legal or financial difficulties, by and large, your personal assets—your car, home, and savings account—won’t be at risk should creditors come knocking.

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.

What is pass through taxation?

Pass through taxation means that the company income isn’t taxed at the corporate level, rather only as income taxes when the owners file their own personal taxes. This limits the burden of double taxation, which is a big consideration for small businesses.