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Anyone can form a regular C-corporation or S-corporation, whether they're the sole owner of the business or have business partners. A professional corporation can also have one or more owners, but is reserved for licensed professionals.

In California, medical practices may not form traditional business entities such as LLCs or regular corporations. Instead, medical practices are limited to Professional Corporations (PCs), the owners of which must have a specific license.

Members of certain professions such as lawyers, doctors, accountants, and engineers may form a California professional corporation (also known as a ?PC?). Typically, these types of entities provide services only through licensed professionals.

If you're a family member of a physician (for example, a parent, spouse or common-law partner, sibling or child), you might be a shareholder in their medical professional corporation.

Who can be an owner of a professional medical corporation? At least 51% of the shares must be owned by a licensed physician and surgeon.

What Is Needed to Form a Professional Medical Corporation? Conducting initial corporate meetings to issue shares and elect officers and directors. Obtaining an EIN number (federal tax id) from the IRS. Opening a corporate bank account. Filing an S-Corp Election with the IRS (if applicable).

Professional Medical Corporation (PMC) is a strong network of over 460 dedicated independent physicians who have teamed together to benefit together from pay-for-performance programs, health plan contracting, technology, process improvement and performance improvement resources.