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