What does PC mean in business?

Professional Corporations (PC) are corporations for certain occupations - typically, service professions like lawyers, doctors, architects and the like. A professional corporation isn't allowed to branch out beyond the services for which it was specifically incorporated with the state.

What does PC stand for for business?

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 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.

What is a PC in accounting?

"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 in legal terms?

A professional corporation is organized under the laws of the state in which it is formed. Unlike a regular corporation, a PC for lawyers requires that each director, shareholder and officer be licensed to practice law.

Business PCs vs. Consumer PCs - What's the difference?

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 charge mean?

1. Definition and Elements of the Crime. Battery under California Penal Code Section 242 PC is a frequently-filed criminal offense that involves any intentional and unlawful physical contact on another person.

What does PC stand for in sales?

The 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 does PC stand for on an invoice?

PC. Purchase Credit. Credit, Calling, Purchase.

What does PC stand for in tax?

Professional Corporations and Taxes

The IRS treats all personal corporations as qualified personal service corporations. This means that PCs pay the maximum 21% corporate tax on all business income. A PC's shareholders are responsible for reporting and paying individual income taxes.

Is PC the same as S corp?

Professional Corporation

Although PCs don't offer the level of personal liability protection of S corps or LLCs, this structure does protect owners from malpractice claims filed against other associates. PCs must usually be approved by the state agency that licenses the professionals.

Is a PC as corp?

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.

Is a PC a sole proprietorship?

While legally a sole proprietorship and an LLC/PLLC/PC are different, for tax purposes you may choose to set up your LLC so that it is the same as a sole proprietorship, or you may set it up as a corporation. Consult an accountant to decide what is best for you.

What does PC stand for in a letter?

What Does PC Stand for in a Business Letter? In some places, it is customary to use the abbreviation PC, for “photocopy,” instead of the CC abbreviation.

What does PC stand for in banking?

The acronym "PC" on a bank statement stands for personal computer. This typically relates to transactions conducted online, such as bill payment, wire transfers or moving money between multiple accounts over the Internet. Video of the Day.

What does PC battery mean?

California Penal Code 242 PC defines the crime of battery as “any willful and unlawful use of force or violence upon the person of another.” You can be guilty of battery even if the victim does not suffer an injury or any actual pain. All that is required is that you touch the person in an offensive way.

What is a PC 32 charge?

California Penal Code 32 PC makes it a crime to harbor, conceal, or aid another person when you know they have committed a felony crime, and you acted to protect them from arrest, trial, conviction, or sentencing. Penal Code 32 prohibits helping someone when you know they have committed a felony crime.

What is a special allegation?

1 attorney answer

"Special allegations" tend to allege specific conduct--such as she personally used a firearm, etc. They also tend to drastically increase the possible sentence... More.

What are the benefits of a professional corporation?

The main advantages of organizing as a professional corporation, as outlined above, include tax benefits and transferability of ownership. However, the flat corporate tax rate prevents shareholder/employees from retaining earnings in the professional corporation, which may limit opportunities for expansion and growth.

What is the difference between a PC and pllc?

Differences Between PC and PLLC

A PC is usually considered to be a C-Corp [1] by the IRS and its profits are taxed at the corporate tax rate. A PC is also subjected to “double taxation.” The difference for a PLLC is that though a PLLC may choose to be taxed like a C-Corp or an S-Corp, the business doesn't pay taxes.

Does a professional corporation protect your personal assets?

How A Corporation Provides Asset Protection. A California corporation can protect (shield) the owners personal assets from the corporate debts, liabilities and obligations.

What kind of groups form PCs?

Typically, professions that require a license, such as doctors, chiropractors, lawyers, accountants, architects, or engineers, are required to form PCs or PLLCs. Also, PCs or PLLCs generally must be organized for the sole purpose of rendering professional services of the licensed practitioners.

Is a PC a C Corp?

When “professional” business owners wish to incorporate their business, they're often required to form a professional corporation (PC) or a professional LLC (PLLC). A professional corporation can either be a professional S Corp or a professional C Corp.

What is the owner of a professional corporation called?

The owners of a professional corporation are shareholders who own stock in the business, as well as employees who provide professional services for the business.

What qualifies as a personal service corporation?

For a corporation to be considered a personal service corporation by the IRS, the employee/owner must perform at least 20% of the personal services themselves, and must also own at least 10% of the outstanding stock in the testing period.