general question on corporations (1 viewing) (1) Guest
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TOPIC: general question on corporations
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Francis (User)
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general question on corporations 1 Year, 10 Months ago
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can a PC also be an S-corp? I just didnt know if there were different rules for PCs
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Brian (User)
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Re:general question on corporations 1 Year, 10 Months ago
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Both a PC and a Inc can make an S-Corp election. A PC is simply a professional corporation where all the owners are licensed professionals. Thats it.
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Francis (User)
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Re:general question on corporations 1 Year, 10 Months ago
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Thanks for the clarification. I was under the mistaken impression that a PC had a different tax status.
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Tim46 (User)
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Re:general question on corporations 1 Year, 10 Months ago
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Along the same line of question: When should you choose an LLC over a corporation? I'm still fuzzy on when to use one verses the other.
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Francis (User)
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Re:general question on corporations 1 Year, 10 Months ago
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I'm not sure why most people set up LLCs vs corps, but i setup a corp because that is what i have been familiar with. I know how to setup bylaws, resolutions, annual meetings and if its an S-corp then all the net income flows thru to me as the shareholder. I just understand the s-corp better.
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Jacob (User)
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Re:general question on corporations 1 Year, 10 Months ago
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Most people still setup s-corps if thats what they are familiar with or if their CPA or attorney recommends the use of an S-corp. However, most people now utilize LLCs and LLPs as they offer the most flexibility as to structure of the entity, ownership, restrictions of distributions etc.
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