District of Columbia Bylaws of Ichargeit. Inc.
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FAQ
Hear this out loud Pause?Professional corporation? means a corporation organized under D.C. Code Title 29, Chapter 5 solely for the specific purposes provided under this chapter and which has, as its shareholders, only individuals who themselves are duly licensed to render the same professional service as the corporation.
A California Professional Corporation may be a C-Corporation or an S-Corporation, and is organized to provide services in professions that require a state license in order to practice.
: a corporation organized by one or more licensed individuals (such as a doctor or lawyer) especially for the purpose of providing professional services and obtaining tax advantages.
Hear this out loud PauseThe D.C. Nonprofit Corporation Act of 2010 (the ?Nonprofit Code?) overhauled laws regarding the formation and operation of nonprofits organized under D.C. law. It was the first substantial change to the D.C. Nonprofit Code since 1962. The new law became effective January 1, 2012.
If your business meets the qualifications, S corporation status allows you to avoid double taxation, thus increasing your net profits. In many states, licensed professionals are not permitted to operate as regular corporations. However, a professional corporation is an alternative that provides limited liability.
Hear this out loud Pause§ 29?406.03. (a) A board of directors shall consist of 3 or more directors, with the number specified in or fixed in ance with the articles of incorporation or bylaws.
One of the key differences between a corporation and a professional corporation is that the shareholders of a professional corporation must be licensed professionals who are authorized to provide professional services in their respective fields. This requirement does not apply to a regular corporation.