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This question is about careers.
What is a PC in business?
A PC in business refers to a Professional Corporation (PC). A professional corporation is one type of corporation. These entities are normally formed by licensed professionals who wish to incorporate their practice.
The unique aspect of PCs is that all shareholders, executives, officers, and directors must be licensed professionals from the same profession. PCs are less popular than they used to be because of tax law developments, and also because limited liability companies (LLCs) and professional limited liability companies (PLLCs) provide many of the same protections.
States have different laws pertaining to the types of licensed professionals that can form PCs. A way to find out the requirements is to check with your state's corporate filing office. However, the following professions are common ones to form PCs:
Engineers
Attorneys
Accountants
Medical doctors
Veterinarians
In certain states, any licensed group of professionals has the right to form a PC. In terms of taxes, PCs pay corporation taxes. This means if a sole practitioner forms a PC then they are saddled with double taxation.
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