Law & Accounting Offices of Stanley F. Bronstein
Scottsdale, AZ 85260
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Professional corporations are corporations (S Corps or Corps) organized for the sole purpose of providing professional services.
State laws typically determine which occupations fall under this definition, and it differs from state to state.
Typically professions that require a state issued license, such as doctors, dentists, chiropractors, lawyers, accountants, architects or engineers are required to form professional entities. In most states, the professional entity must be organized for the sole purpose of rendering professional services by the licensed practitioners.
An alternative is to form a professional limited liability company ( PLLC ). For a variety of reasons, there can be tax advantages in forming a PC vs. forming a PLLC. However, PCs are more complicated than PLLCs, so determining which entity is right for you depends on your individual circumstances and needs.
Whenever we meet with a client to form a professional entity, we always discuss the differences between PCs and PLLCs in order to help them make an informed decision as to which entity is the right one for them.