What is pllc in dentistry?
PLLC is an acronym of a legal term that stands for professional limited liability company. A PLLC is specifically for services that require professional licensure, including dental, medical, real estate, engineering, nursing, accounting, or law.
What is a PC business type?
Professional Corporation. Professional Corporations (PC) are corporations for certain occupations – typically, service professions like lawyers, doctors, architects and the like. Typically, those not licensed in the profession may not be shareholders in a PC.
What kind of legal entity is a PC?
Professional corporations
Professional corporations or professional service corporation (abbreviated as PC or PSC) 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 physicians …
What can a pllc do?
A PLLC offers personal asset protection for business owners in licensed occupations, such as medicine and law. Choosing among the different types of business entities can be a challenge, but particularly so if you’re in a professional occupation, such as law or medicine.
Is a PC the same as an LLC?
The difference between LLC and PC is straightforward. A limited liability company (LLC) combines the tax benefits of a partnership and the limited liability protection of a corporation. A professional corporation (PC) is organized according to the laws of the state where the professional is licensed to practice.
Which business type is best for tax purposes?
LLCs are generally the preferred entity structure for certain professionals and landlords. LLCs have flexibility as the owners can file as a partnership, S Corporation or even sole proprietor since the LLC is really a legal and not tax designation.
What is better LLC or PLLC?
Regarding the management flexibility and taxation, a PLLC has the same advantages of an LLC. The difference between the two is that the PLLC has some restrictions on who may be a member of the PLLC and the limitation of liability of the members. With an LLC, anyone can be a member, or owner, of the business.