what does pc mean in lawyer terms

What does PC mean in legal terms?

The letters " PC " after the name of a lawyer or other professional stands for "professional corporation ." It's a type of legal entity used by accountants, doctors, lawyers, architects and others who provide expertise. Being a PC limits liability to being responsible only for their own actions. professional corporation Full Answer

What does PC stand for after a business name?

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. Structure

What does PC stand for?

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

What does PC after a name mean?

Jul 16, 2021 · Professional Corporations (PCs), also known as professional service corporations, were created to allow certain kinds of professionals such as physicians, lawyers, accountants, or engineers to do business together. PCs might show up as S-corporations, C-corporations, or LLCs on their tax forms.

What professions use a PC?

Generally speaking, they include accountants, engineers, healthcare professionals, lawyers, psychologists, social workers, and veterinarians. Typically, each individual organization limits their membership to one profession or grouping of professions.

Can a group of doctors form a professional corporation?

For example, a group of doctors who have their individual medical practice can form a professional corporation if their business is to practice medicine.

Who is required to incorporate as a professional corporation?

The list of professionals required to incorporate as a professional corporation, or personal services corporation, is given below: health care professionals (audiologists, dentists, nurses, opticians, optometrists, pharmacists, physical therapists, physicians, and speech pathologists) Of course, this is a general list.

Who are the health care professionals?

health care professionals (audiologists, dentists, nurses, opticians, optometrists, pharmacists, physical therapists, physicians, and speech pathologists) Of course, this is a general list. For a more precise list of professional corporation owners and more, it’s best to look at your state.

What is a PC for lawyers?

Unlike a regular corporation, a PC for lawyers requires that each director, shareholder and officer be licensed to practice law. Further the legal PC may only provide services in its field.

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 a PC for solo practice?

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. A professional corporation is a product of state laws which provide detailed provisions on what the corporation can and cannot do.

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.

What is the difference between a PC and a corporation?

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.

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.

Why do lawyers need a formal business structure?

The key reasons to have a formal business structure is for liability protection and tax considerations. None of the business organization structures will protect an attorney from personal liability for professional malpractice, personal loan guarantees, or intentional torts.

What does "PC" mean in a lawyer's name?

However, when you see the letters "PC" with lawyers' names, other professionals' names or after a company's name, the "PC" meaning is clear: professional ...

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 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 after a name?

Understanding "PC" After a Name. 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.

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.

Is PC a legal entity?

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. 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;

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.

What does PLLC stand for in law?

The abbreviation "PLLC" in the name of a law firm, or any other business, stands for "professional limited liability company.". It's a special type of limited liability company that can only be formed and controlled by state-licensed professionals, such as lawyers.

What is a PLLC in Arizona?

When a law firm or other business registers itself as a PLLC with the state, the organizers of the company must be licensed professionals. Rules vary by state, but typically, the majority of ownership in any PLLC must be held by licensed professionals. In Arizona, for example, unlicensed professionals can own no more than a combined 49 percent of the voting interest in a PLLC.

Can a professional limited liability company be formed by a law firm?

Professionals. A professional limited liability company can be formed only by people whose profession requires licensing by the state. That's why law firms organize as PLLCs. Doctors also organize their practices as PLLCs, as do accountants, architects, engineers and others.

Do doctors have PLLCs?

That's why law firms organize as PLLCs. Doctors also organize their practices as PLLCs, as do accountants, architects, engineers and others. According to the legal information site Nolo, most states don't allow licensed professionals to form regular LLCs, which is why they devised the PLLC structure.

Who must be the organizer of a PLLC?

When a law firm or other business registers itself as a PLLC with the state, the organizers of the company must be licensed professionals. Rules vary by state, but typically, the majority of ownership in any PLLC must be held by licensed professionals.

How much of a PLLC can an unlicensed professional own?

In Arizona, for example, unlicensed professionals can own no more than a combined 49 percent of the voting interest in a PLLC.

Can a PLLC refuse to pay damages?

In other words, a lawyer operating in a PLLC can't refuse to pay damages in a malpractice lawsuit on the grounds that liability for the malpractice rests with the PLLC, not the individual professionals.