Template:Citations missing Professional corporations (abbreviated as PC or P.C.) 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 doctors. Legal regulations applying to professional corporations typically differ in important ways from those applying to other corporations.[1] Professional corporations, which may have a single director or multiple directors, do not usually afford that person or persons the same degree of limitation of liability as ordinary business corporations (cf. LLP).[1] Such corporations must identify themselves as professional corporations by including "PC" or "P.C." after the firm's name.[2] Professional corporations often exist as part of a larger, more complicated, legal entity; for example, a law firm or medical practice might be organized as a partnership of several or many professional corporations.Template:Facts
Legal effect[]
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. This is unlike other, similar organizations that are not technically incorporated, such as trade associations, labor unions, and limited liability companies, for which citizenship is based on the domicile of each member.[3]
Notes[]
External links[]
- "Business & human resources">"Main topics">"Ownership structures" and "Glossary" (searchable) at Nolo: Your Legal Companion. Accessed June 26, 2008.
- "Small Business Guide: Your Online Resource">"Starting Your Business">"Choosing a Form of Organization">"Starting Corporations"> and "Table of Contents" (searchable) at Business Owners ToolKit: Total Know-How for Small Business Owners. Accessed June 26, 2008.