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professional corporation

   Also found in: Dictionary/thesaurus, Legal, Financial, Acronyms, Encyclopedia, Wikipedia 0.01 sec.
professional corporation (PC)
[prəfesh′ənəl]
Etymology: L, professio, profession
a corporation formed according to the law of a particular state for the purpose of delivering a professional service. In some states, corporations may not practice law, medicine, surgery, or dentistry; in some states nurses may form or be partners in a professional corporation. According to the laws of the various states, professional corporations may offer legal and tax benefits to the members of the corporation.


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In Letter Ruling 9701026, three shareholders in a professional corporation were also partners in a partnership that owned and leased an office building to the professional corporation.
GRIENER PROFESSIONAL CORPORATION 02-15 TIMMINS ROBERT M.
The ability enables physicians to pay corporate tax rates that are lower than personal tax rates and to split income with family members by enabling them to become shareholders of a professional corporation.
 
 
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