A professional corporation is a corporation formed by a professional such as a doctor or an accountant. State laws have special rules for professional service corporations which differ slightly from those of other corporations. Professional corporations can be either C or S corporations.
State laws generally require each shareholder and certain of the officers and directors of a professional corporation to be a licensed practitioner of the profession that the corporation has been organized to practice. When filing the organizational documents, the incorporators of a professional corporation generally have to obtain proof from the appropriate licensing board that the necessary persons are duly licensed. In addition, state law generally prohibits the issuance or transfer of shares to a person who is not professionally licensed. The various licensing boards also often have authority, by statute, to promulgate additional requirements with which professional corporations must comply.
4. The Nonprofit Corporation
A nonprofit corporation is usually used for such organizations as churches and condominium associations. However, with careful planning, some types of businesses can be structured as nonprofit corporations and save a fortune in taxes. While a nonprofit corporation cannot pay dividends, it can pay its officers, directors and other employees fair salaries that are competitive with those paid by for-profit corporations.
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