Sample Corporate Notices of Meetings, Resolutions, Simple Stock Ledger & Certificate.
Sample Corporate Records for an Ohio Professional Corporation aka Professional Association
State:
Ohio
Control #:
OH-PC-CR
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Sample Corporate Records For An Ohio Professional Corporation Aka Professional Association?
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FAQ
A professional corporation is one that only performs services in one, single profession. It is a specific type of corporation for professionals like doctors, lawyers, accountants, etc. The professional is able to form a corporation, but the professional remains liable for his or her own actions.
A PA, or professional association, is a business entity that is limited to specific professions. In contrast, an LLC, or limited liability company, is a hybrid between a corporation and a partnership. Each state has specific regulations for each type of business entity.
If you're starting a business that provides a professional service, you could consider both a professional association (PA) or a limited liability company (LLC).
Most professional corporations are classified as "personal service corporations" by the IRS and must file a professional corporation tax return. As of 2018, all professional corporations pay a flat tax rate of 21%.
A professional corporation can be either a regular C corporation that is a separate taxpaying entity that files its own tax returns and pays taxes at corporate tax rates, or it can elect to be taxed as an S corporation in which profits or losses are passed through the corporation to be taxed on the shareholders'
Depending on the individual state, shareholders in this type of corporation must be licensed in law, medicine, architecture, or another professional service.The IRS categorizes professional corporations as C corporations. They are considered taxpayers and must pay income taxes at the corporate rate.
Professional Associations and Professional Corporations Thus, most professional associations are, in-fact, merely professional corporations.