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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"Although both the United States Court of Appeals for the Second Circuit and New York's Court of Appeals employed the term fraudulently incorporated' in the Mallela case, which was the term used in the certified question, the essence of the defense in that case, as here, was the provider's lack of eligibility,> which does not require a finding of fraud or fraudulent intent, but rather, addresses the actual operation and control of a medical professional corporation by unlicensed individuals.
Flavin of Milton said the ruling fills a long-problematic gap in the case law regarding fiduciary obligations amongst shareholders in a professional corporation.
However, the professionals share ownership of a separate business, such as a clinic or law firm, that employs support staff and provides services to and alongside the professional corporations. The clinic or firm does not sponsor any retirement plan or sponsors a plan that is less generous than the professionals' individual plans.
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.
The issue in this case was whether David Watson's salary paid by the taxpayer, a professional corporation that elected to be taxed as an S corporation, for 2002 and 2003 was reasonable.
The Geddis Partnership, A Professional Corporation SOUTHPORT, CONNECTICUT
Professional corporations are closely held corporations formed by doctors, dentists, optometrists, lawyers, and others.
The definition and meaning of this term is critical to a determination of whether the Rule applies to a particular business, such as a counseling or therapy practice owned by a sole proprietor, partnership, or professional corporation. The Rule defines this term, in part, as a business that regularly extends, renews, or continues credit.
al, a jury unanimously found that a medical professional corporation was owned and controlled by parties other than the physician whose name appeared on the certificate of incorporation.
She grew up in the industry--father is the founder of Skyline Professional Corporation, where she spent a year as an account executive.
Basilio's professional corporation. DeVera graduated from nursing school in the Philippines in 1993, but failed the Georgia nursing examination three times.

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