A professional practice is founded on high educational training and provides objective counsel and service to others based on that educational training. In other words, a professional practice is essentially a business — but for a specified occupation type.
Professional practices exist for the following occupations and business types (to name a few):
Professional entities are generally regulated by the state but retain many similarities between each of the states. The types of corporations that professionals can incorporate under also vary by state. For instance, in Florida, Attorneys can incorporate as Professional Associations (P.A.) or Professional Limited Liability Companies (P.L.L.C)/(P.L.C).
In certain states, this is the only incorporation option available for certain professionals, whereas in others, they are given the choice of being either a professional corporation or S or C corporation.
It is important that the attorney forming your company looks at your incorporating state laws regarding professional corporations and makes sure the entity type you are filing under fits with your professional goals and aspirations for your practice.
You should also have an attorney oversee adding partners to your professional practice and help with dissolution where necessary.
Contact our firm today if you are a professional and intend on incorporating your professional practice – we can provide you guidance at every step.
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