professional corporation

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professional corporation (PC)

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.
References in periodicals archive ?
The potentially significant tax liability at the corporate and shareholder levels could deter professional corporations from accepting otherwise favorable merger offers from accounting firms organized as limited liability partnerships.
Regardless of the calculations, if the professional corporation can zero out income for 10 years, no built-in gains tax will ever be paid.
Aubrey Bassler Medicine Professional Corporation 03-20 Marathon
Peter Dawes Professional Corporation 02-22-2006 Dryden
Alternatively, even though the property will be depreciable by the corporation, all of Bill's gain will receive capital gain treatment if Carl's professional corporation purchases the property.
Pension Trust, which involved a oneman professional corporation engaged in architecture, the Tax Court stated: "As the sole employee of ECI [Catalano] is the fount of that company's income.
Eric Robinson Medicine Professional Corporation Sudbury

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