Why New York may be the only state – where it could often be easier and/or faster to launch a P.C. as opposed to a PLLC?

 

John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

Kiritsis Law Group  

212 922 0005

 

Professional corporations, also known as professional service corporations, are a type of business entity that is formed by professionals, such as doctors, lawyers, and accountants, to provide professional services to the public. These corporations are formed under state laws and are regulated by professional licensing boards.

 

One of the primary benefits of forming a professional corporation is that it allows professionals to provide their services to the public in a more organized and efficient manner. Professional corporations can also provide liability protection to their owners, as the corporation itself is responsible for any legal or financial liabilities that arise from the provision of professional services.

 

To form a professional corporation, the owners must meet the requirements for their respective professions and obtain a professional license. The corporation must also file articles of incorporation with the state and adopt bylaws, which outline the governance and operation of the corporation.

 

Professional corporations are subject to certain regulations and restrictions, including requirements related to the ownership and management of the corporation. For example, professional corporations may only be owned by individuals who are licensed in the same profession and may only provide services within their field of expertise.

 

In addition, professional corporations must adhere to ethical and professional standards, as set forth by their respective professional licensing boards. This may include requirements related to the maintenance of professional liability insurance and the handling of client confidentiality.

 

Overall, professional corporations offer a number of benefits for professionals seeking to provide their services to the public in a more organized and efficient manner. However, it is important for professionals to be aware of the regulations and restrictions that apply to professional corporations to ensure compliance and avoid potential legal or financial liabilities.

 

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The views expressed by this author are not legally binding or reflective of the author, the author’s firm, the author’s employers, the author’s employees, or any individual and/or organization.