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  What is a Professional Corporation?

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outsourceseo
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PostSubject: What is a Professional Corporation?   Sat Dec 09, 2017 8:55 pm

Professional corporations are typically used by professionals such as physicians, architects, accountants, attorneys, and consultants. Some places legally require professionals in the aforementioned professions to have professional corporations. Having one's own professional corporation means that the professionals who have the corporation are, for legal purposes, employees of their own business.

Most of the time, professional corporations will likely meet the criterion to be a personal service corporation (PSC). The criterion for a PSC is that professional corporations must be properly structured according to state laws. Also, in order to meet criteria to be a PSC, professional corporations must meet criteria for function and ownership as defined by federal law.

In terms of function, all business within professional corporations must be within specific professions. For example, business must be in engineering, consulting, performing arts, health care, actuarial work, or the law profession. In terms of ownership, all professional corporation stock must be held by current or retired employees of the professional corporation, their estates, or heirs.


Thanks

http://www.acctshare.ca

ACCTSHARE Professional Corporation

Brampton
605-2250 Bovaird Drive East
Brampton, ON L6R 0W3

Oakville
Near Third Line and Westoak Trails Blvd

416-500-0701

647-247-0402
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