lawyer term what does pc stand for

What does PC in reference to an attorney mean?

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." Like limited liability companies, corporations and other business structures, professional corporations are legally recognized business entities in some states.

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 in law?

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

What does the PC stand for at the end of an attorney's name?

Sep 26, 2018 · A PC is a popular form of organization for a solo practitioner, as it provides some liability protection, while still allowing you to keep your solo operation. Governing a Professional Corporation. A professional corporation is a product of state laws which provide detailed provisions on what the corporation can and cannot do.

What does P.C. stand for?

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 ...

What is a professional corporation?

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 ...

What is a PC in business?

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.

What is professional corporation?

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.

Can a lawyer form a limited liability company in California?

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.

What happens if there is no written agreement?

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.

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.

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 ...

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 is professional corporation?

It is a legal term in the sense that a professional corporation is a legal entity that provides professionals with certain tax and legal advantages. However, professional corporations are not only for lawyers; PCs benefit many types of professionals by giving them legal protections and tax advantages. 00:00. 00:02 09:16.

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.

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.

What is a limited liability company?

A limited liability company is like a partnership but with more limited liability. One advantage to professionals is that LLC members (as the LLC participants are called) can consist of different types of entities, such as individuals and corporations.

What is a professional corporation?

A professional corporation or PC is one variation of a corporation. Licensed professionals who want to incorporate their practice can form a PC. However, the shareholders, directors, and officers must belong to the same profession.

What is a licensed professional in California?

In California, licensed professionals are limited to forming a sole proprietorship, general partnership, or professional corporation (PC). One advantage of an LLC is that each owner—also called a member—has limited liability, which means they are not personally liable for the financial obligations of the LLC.

What is the advantage of an LLC?

One advantage of an LLC is that each owner—also called a member—has limited liability, which means they are not personally liable for the financial obligations of the LLC. Unlike corporations, LLCs do not have to abide by shareholders' directives or hold annual meetings.

Do LLCs have to pay state taxes?

LLCs are not required to pay state taxes in most states—again, check your state statutes. The owner pays state taxes on their personal tax return. A few states require LLCs to also pay state taxes. In addition, some states impose a fee, often called an annual registration fee, franchise tax, or renewal fee.

Why is it important to choose the right business structure?

It's important to choose the right business structure to protect your business from unforeseen legal and tax consequences. When choosing between an LLC and a PC, check the state statutes to make sure the legal entity can operate in your state.

What does "esq" mean in law?

If you want to practice law, you'll need to be licensed. Getting licensed earns you the lawyer abbreviation of Esq., which stands for Esquire . There are a variety of other career options available to those who earn a J.D.

What does J.D. stand for in law?

Each designates a degree the attorney earned. The following are the most common lawyer initials: J.D. J.D. stands for "juris doctor” and is the degree received when an attorney graduates from law school.

What is LL.M. law?

It's a graduate degree and is required to practice law in the United States. LL.M. The Master of Laws (LL.M.) degree is available to people who already have a J.D. It provides advanced legal study and certification in a specific area of law, such as international law, human rights law or intellectual property law.

What is a J.S.D.?

A Doctor of the Science of Law (J.S.D. or S.J.D.) is the equivalent of a Ph.D. in law. Attorneys who get these lawyer initials generally become scholars or teachers of law and social sciences. This is a very specialized degree that's selectively awarded. LL.B.