There is a significant limitation on the personal responsibility in a corporation.
While the corporation cannot protect a professional against their own negligence, it protects them against the negligence of an associate.
Professional Corporation is a useful securing of data to occupation wrongdoing insurance.
More expensive to create than a partnership or only proprietary right.
Paper work can become costly to owners.
All incorporators must belong to the same occupation.
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azuka
4th Mar 2013
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I'm filing my corporate annual report. I'm not clear on alot of the boxes to fill in, particular number 12a-12g.
What info are they asing for? I dont quite understand.
Than you
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Reply from: infotaxsquare.com | 2013-03-04
Dear Azuka,
Thanks for choosing InfoTaxSquare.com for your business needs. You can use following link to File Corporation Annual Report or can be called at 516.822.3100 to place order over the phone.
Why is this information so heavily relied on by commercial, financial, and legal sectors? How is it used and for what purpose?
And I read on this site this site that LLC's didn't have the paperwork that other business had, for instance it was mentioned that you didn't need payroll with an LLC. What about recipts of purchase and how do you account for tips or "Palm Money" ?
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Reply from: infotaxsquare.com | 2010-03-24
Dear Judah: Thanks for choosing InfoTaxSquare.com for your business. Yes, payroll is not mandatory for members in LLC and you can claim any legitimate expenses incurred for your business.
If you have any question please either email us at support@infotaxsquare.com or call at 516.822.3100. We will be more than happy to assist you.
InfoTaxSquare.com Business Documents Filing!
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azuka
4th Mar 2013
I'm filing my corporate annual report. I'm not clear on alot of the boxes to fill in, particular number 12a-12g. What info are they asing for? I dont quite understand. Than you
Replies