What are the advantages of a Professional Corporation?

Category : Professional Corporation
Posted On : 2nd Feb 2010
A major advantage of a Professional Corporation is the limited liability the corporate entity affords its shareholders. Typically, shareholders are not legally responsible for the debts and obligation of the corporation, unless the shareholder has specifically agreed to assume personal responsibility for the corporate debts. This 'limited liability' benefit is generally limited by State statute, as to Professional Corporations (PC), in order to prevent a 'licensed professional' from avoiding liability for 'malpractice'.
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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.

https://www.infotaxsquare.com/forms/annual_report_filing.php?o=co


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Judah

24th Mar 2010

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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.

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