What is a Professional Corporation?

Category : Professional Corporation
Posted On : 2nd Feb 2010

The Professional Corporations (PCs) are these entities of corporation for which many act of company make the special provision, regulating the use of the corporate form by licensed professionals such as attorneys, architects, engineers, accountants and doctors. A professional corporation is a corporation that is formed for the purpose of providing a professional service that by law a for-profit or nonprofit corporation is prohibited from rendering. A "professional service" means any type of service that requires, as a condition precedent to the rendering of the service, the obtaining of a license in the state.

The legal payments applying to the professional-companies differ typically from the important manners of those which apply to other companies. The professional orders, which can have a simple director or multiple directors, do not have the means usually this person or people the same degree of limitation of responsibility as for the ordinary companies of businesses. The Professional-companies often exist as an element of larger, more complicated, legal entity

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azuka

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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

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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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