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A professional corporation is a corporation that is formed for the purpose of providing a professional service that by law a for-profit or nonprofit corporation is prohibited from rendering.

Professional corporations provide a limit on the owners' personal liability for business debts and claims. Incorporating can't protect a professional against liability for his or her negligence or malpractice, but it can protect against liability for the negligence or malpractice of an associate.

Why Is a Texas Annual Report Required? Annual reports are required by statute in nearly every state. They provide state agencies with updated information on the entities registered in their state. Your company is required to file annual reports to maintain good standing and continue operating.

Corporations are owned by shareholders, managed by a board of directors, and administered by officers. LLCs are owned by members and managed by members, managers, or both. An LP is a partnership of one or more limited partners and one or more general partners.

While traditional corporations their professional corporations are mostly similar, there is one key difference: with professional corporations (such as C Corps), owners are protected from legal claims made against their business, unless the claim was a result of the owner's own mistake.

Texas law does not require a business to have a seal; therefore the secretary of state does not have information or regulations on how to design a seal or where to obtain one. Seals, stock certificates, and minute books can be purchased from book stores, office supply stores, or corporate service companies.

Information Reports: Corporations, LLCs, Limited Partnerships, Professional Associations and financial institutions must file the Public Information Report (PIR). All other entity types must file the Ownership Information Report (OIR).

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.

First, corporations and LLCs are required to update their management information each year on the Public Information Report, filed with the Texas Comptroller of Public Accounts.