Professional Corporations in New York State. Kiritsis Law Group 212 922 0005

Apr 18, 2021

Professional Corporations are a historic and natural evolution of corporate governance law in New York State. In a nutshell, P.C. s are a way for business structures which are controlled and/or owned by certain licensed professionals, to carry their activities in a way similar to business Corporations. P.C.s were once the dominant entity type election choice by such business organizations. Despite its recent loss in glamor, P.C.s play a very important role in the structure of professional services business organizations. Although, PLLCs may have eroded the popularity of the P.C.s in recent times, it is important to note that P.C.s may still offer some advantages:

i) In certain situations, it may be easier for a P.C. to reduce the aggregate payroll tax liabilities.

ii ) A P.C. has been around longer than their PLLC brothers and it may have a more developed case law, and

 iii) A P.C. may in certain situations be better able to raise capital, die to its enhanced ability of creditors to securitize corporate shares.

 

Sources:

New York Business Corporation Law

New York Limited Liability Company

New York General Obligations Law

NYS Office of Professions

U.S. Constitution

 

 

Whether you are a new business start up or a well established company, our law firm can help you with all of your business law legal needs. For a free consultation, you can call us at 212 922 0005.

 

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