professional corporation


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professional corporation

n. a corporation formed for the purpose of conducting a profession which requires a license to practice, including attorneys, physicians, dentists, certified public accountants, architects, and real estate brokers. Most states provide for such corporations under special statutes which allow the corporation to operate with a single director, who is a professional. However, unlike other corporations, the organization does not provide a shield for liability for any professional negligence (malpractice) by the licensed professionals. (See: corporation)

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The electing business or professional corporation will continue to be subject to the applicable provisions of the New Hampshire Business and Professional Corporation Acts, except as specifically modified by the Benefit Corporation Art.
For tax purposes, a professional corporation is generally treated like other small business corporations.
com, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153.
Professional corporations are taxed under the same rules as other corporations.
When a firm operating as a professional corporation is merged into a partnership, the merger would probably be structured in one of two ways.
For example, was the practitioner's professional corporation, association or partnership properly set up under state law?
Under New York state law, it is illegal for individuals other than licensed medical doctors to bill for physician services or to own a medical professional corporation.
The contract should name the parties to the agreement, taking care to specify the correct legal entity (individual physician, corporation, professional corporation, professional association, or other entity, as appropriate).
But the trade-off here has always been that the professional corporation must pay corporate income tax, unless it qualifies as an S corporation.
Counsel for a defendant professional corporation may not communicate with a nondefendant subsequent treater in a different specialty who is a member of the professional corporation.
The securities litigation firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Atlantic Coast Financial Corporation ("Atlantic Coast" or the "Company") (Nasdaq: "ACFC") and other violations of state law by the board of directors of Atlantic Coast relating to the proposed buyout of the Company by Bond Street Holdings, Inc.

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