who is a p.c. lawyer

Full Answer

What does PC stand for after an attorney's name?

The PC after an attorney's name stands for professional corporation. It is a special type of firm used sometimes to show someone has gone through all the steps before being licensed. What does PC stand after a doctors name?

What is a professional corporation for lawyers called?

It's more or less like a corporation but with special rules concerning who can own it and addressing liability issues a little differently. It's basically a corporation for attorneys or for other professionals who may need similar rules. What is the PC after an attorneys name? The PC after an attorney's name stands for professional corporation.

What is a legal 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. 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.

What is a professional corporation (PC)?

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 does PC mean for a lawyer?

professional corporationsIn many states, people in certain occupations (for example, doctors, lawyers, or accountants) who want to incorporate their practice can do so only through "professional corporations" (PC) or "professional service corporations." In other states, some professionals have a choice of incorporating as either a professional ...

What does PC title mean?

Professional corporationsThe letters "PC" after a business's name stand for professional corporation. Professional corporations enjoy some, but not all, of the same liability protections as general corporations.

What is PC in law firm 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.

What is a PC person?

Word forms: PCs If you say that someone is PC, you mean that they are extremely careful not to offend or upset any group of people in society who have a disadvantage. PC is an abbreviation for politically correct.

What is PC in court order?

In a relief to some Women Short Service Commission Officers (WSSCO) in the Army, the Supreme Court on Friday directed the Centre to issue orders granting Permanent Commission (PC) to 39 such officers in seven working days and furnish the details of 25 officers with reasons, who were not considered.

What does PC mean next to a name?

P.C. stands for "Professional Corporation." Many jurisdictions recognize a special type of corporation for doctors, lawyers, accountants, etc.

What is the difference between PC and LLC?

The difference between LLC and PC is straightforward. A limited liability company (LLC) combines the tax benefits of a partnership and the limited liability protection of a corporation. A professional corporation (PC) is organized according to the laws of the state where the professional is licensed to practice.

What are the benefits of a professional corporation?

Professional corporations offer most of the same advantages as a regular corporation: personal asset protection, the ability to issue stock, and tax advantages. The downsides to a professional corporation are also the same as those of a regular corporation, such as the time and money spent on corporate formalities.

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.

What is a business attorney?

A business attorney can also answer many of the questions you may have about setup and liability for business in your area. They can also make any requirements from a board of directors to stock shares and more.

Is a professional corporation necessary?

A professional corporation status can be essential in some business models. If state laws allow you to register your business corporation accordingly, it could eliminate many hassles. Each situation has to be evaluated individually, though.

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.

Do I need to carry a certain designation in my company name?

You may have to carry a certain designation in the company name, such as “PC” for professional corporation. You will also need to draft corporate by-laws. These are the rules of how businesses will operate and be governed.

Can a licensed professional be relieved of liability for malpractice?

While there is some limitation on liability surrounding the actions of each partner, the licensed professionals in the firm may not be relieved of liability for their own professional negligence or malpractice. This is the main reason professionals form this type of corporation.

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 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 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.

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 is the difference between a PC and LLC?

The difference between LLC and PC is straightforward. A limited liability company (LLC) combines the tax benefits of a partnership and the limited liability protection of a corporation. A professional corporation (PC) is organized according to the laws of the state where the professional is licensed to practice.

Should my law firm be an LLC?

Any law firm can choose to become incorporated as an LLC for legal and financial protection. In most cases, if one member of an LLC has a lawsuit brought against them, the other members will be protected from liability, and only the one member will be affected.

Is computer a stand for?

Stands for “Information Technology,” and is pronounced “I.T.” It refers to anything related to computing technology, such as networking, hardware, software, the Internet, or the people that work with these technologies.

What is a PC degree?

Medical doctor (not a chiropractor —DC— nor an osteopathic physician —DO). PC means professional corporation that he has formed to run his business activities. If he is board certified, he will also have other initials, such as FACOG (fellow of the American college of obstetricians and gynecologists), etc.

Why is LLP better than company?

It offers limited liability, offers tax advantages, can accommodate an unlimited number of partners, and is credible in that it is registered with the Ministry of Corporate Affairs (MCA). At the same time, it has fewer compliances than a private limited company and is also significantly cheaper to start and maintain.

Who owns a LLP?

Limited liability partnerships are owned by its ‘members’ who are referred to as ‘partners’. LLPs don’t have shareholders or directors, nor do they have shares. You need at least two members to set up an LLP.

Is partnership better than LLP?

LLP is a separate legal entity and can hold assets in its name. The status of Partnership Firm does not have separate identity from its Partners. The liability of Partners is limited to the extent of their contribution in LLP. Further, one Partner is not affected or not held liable for the actions of another Partner.

What is a professional corporation?

Professional corporations or professional service corporation (abbreviated as PC or PSC) are those corporate entities for which many corporation statutes make special provision, regulating the use of the corporate form by licensed professionals such as attorneys, architects, engineers, public accountants and physicians.

What is a PC or PSC?

The general category of the PC or PSC can be as S-corporation, C-corporation, or LLC, but with subcategorization as a PC or PSC. Legal regulations applying to professional corporations typically differ in important ways from those applying to other corporations.

Why do professional corporations organize?

The principal reason why groups of professions choose to organize as a professional corporation is that, unlike a general partnership, an owner is not personally liable for the negligence or malpractice of other owners.

Can a limited liability partnership have multiple directors?

Professional corporations may have a single director or multiple directors.

Do professional corporations have citizenship?

United States. In U.S. federal subject matter jurisdiction, professional corporations have two citizenships for purposes of diversity, just like ordinary corporations, namely that they are citizens of (1) the state in which they are incorporated and (2) the state in which they have their principal place of business .

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 happens to a professional when he retires?

If a professional retires or leaves, ownership is easily transferred to the others, and professionals can share management responsibilities and profits without worrying about being liable for each other's malpractice actions. The flat corporate tax rate, however, could limit corporate growth.

What professions are required to form a PC?

The following are often required to form a PC: Accountants. Attorneys. Engineers.

Can a professional LLC be a PLLC?

While some states allow professionals to form an LLC, others require that professionals form a professional limited liability company (PLLC) as set out by state statutes. In a PLLC, the members and managers must be licensed to practice the same profession.

Can an accountant be a PC?

Accountants. Attorneys. Engineers. Medical doctors. Veterinarians. There are exceptions. Some states give professionals a choice between incorporating as a PC or as a regular corporation. In all states, certain professionals— again, check your state statutes —have the option to form a PC.

Can creditors come after personal assets?

Both limit an owner's personal liability for business debts and claims to business assets, and creditors cannot come after personal assets. Neither protects you against personal liability for your own malpractice, negligence, or personal wrongdoing. Malpractice protection is often why professionals file as a PC to avoid financial liability for ...