If you have always wanted to take the experience and knowledge you gained in your professional field and begin anew; why not get started today. A professional corporation or PLLC is just 10 minutes away. Let our experts show you how.
I am a dentist and have been told that I need to form a professional corporation. What is the difference between a corporation and a professional corporation? Are there restrictions on naming my professional corporation?
A Professional Corporation (PC) is formed for the purpose of providing professional services. Professions which require a license are required to form PCs to incorporate their business. Medical professionals may also form a Professional Limited Liability Company (PLLC). Many states restrict who may own stock in a Professional Corporation. In some states, the shareholders and the board of directors must be licensed practitioners of the specific service the corporation provides. Other states require that at least half of the shareholders and directors are licensed professionals.
Professional Corporations must include the words Professional Corporation or the letters PC in their name. Depending on the type of professional services provided, or business entity elected, it may be Professional Association or PA, or PLLC for a Professional Limited Liability Company. Your state statutes will most likely identify which description may be used.
Some states may require the profession to be part of the business name. The business formation documents often require approval from the state before filing the appropriate Articles of Incorporation or Organization. In addition, the articles typically must contain the signature and often the "license number" of the incorporator who must be a licensed professional.
I own a hair and nail salon and have several employees that use chemicals while providing their services. How does incorporating protect me and could my employees be protected by Worker's Compensation?
Incorporating your hair and nail salon will help protect your personal assets should there be a lawsuit filed against your business. You work in an industry where using chemicals on a daily basis that could cause an unwanted reaction, puts you at risk; if a judgment goes against your company. Incorporating your business will separate you from personal liability. A properly maintained corporation or LLC is considered a separate entity apart from its owners.
Any company that has employees should have appropriate insurances to provide protection for both the owner and the employees. In particular, worker's compensation comes to mind because harm could come to your employees as a result of performing their job duties. We know that sometimes a reaction to certain products is unavoidable and continued exposure to certain chemicals may cause illness. Protect both you and your employees today.
I am interested in opening a new massage therapy center in my town and am in negotiations with potential investors. How can incorporating or forming an LLC help me raise capital and share equity in the business?
Raising capital can be one of the most rewarding features of getting your business idea off the ground. You don't have to shoulder the financial burden alone. Forming a corporation or an LLC to conduct your business, allows you to issue stock or membership interests to investors in exchange for money or property.
Incorporating is a great way to attract investors to your business. Potential investors want to know their investment is sound. A strong, well thought out business plan, goes a long way to show potential investors how serious you are about opening the new center. As investors and stock owners or members of your company, they stand to gain from your success.
The investors may be entitled to certain rights (e.g., voting rights and the right to share in the profits and distributions of the company) and have certain responsibilities with respect to the corporation or the LLC. Obtaining investors interested in owning a part of your new business is usually dependant upon your ability to get them as excited as you are about their new venture.
I'm a home health care provider working with elderly citizens that need special assistance. I am concerned about liability protection and am looking for something beyond insurance coverage.
Businesses owned and operated by licensed professionals are usually required to form professional corporations (PCs) or professional limited liability companies (PLLCs). Each state has its own requirements for ownership of a PC or PLLC. Some states require the owners to be licensed practitioners in the field of the practiced service and other states require at least half of the shareholders and directors to be licensed professionals. The incorporator is often required to provide his/her license number as part of the articles of incorporation or organization. incorporate.com can assist you with all of the specific requirements in your state. We have formed more than 300,000 businesses nationwide; and many of them were for professionals just like you.
Yes, a business entity can legally own property. It has the same ownership rights as a natural person. A corporate entity is separate from its owners; therefore when there is risk involved in the ownership of an asset, the investors are protected if a suit is filed against the business entity.
In addition, many business owners will put the business assets in the name of the business to protect them from a personal lawsuit against the owner.
incorporate.com provides registered agent services in all 50 states and the District of Columbia. Corporations, LLCs and other business entities are required by statute to have a local registered agent in the state where the entity is formed and for the states in which it is qualified or registered to conduct business. The registered agent receives legal process and compliance mail on behalf of the business in the applicable state and is responsible to forward all such items to their designated contact for handling.
incorporate.com has more than 100 years of experience handling critical documents for its customers. Registered agent services are another tool we provide to allow you more time to focus on your business with less worry about missing important state communications.
Selling your interest in a corporation is a simple matter, because when ownership is transferred via the sale of a portion or all of the stock, the corporation does not cease to exist. A corporation is a separate legal entity, and does not require the original owners to maintain its existence. The life of the corporation is perpetual and will often outlive one or all of the original owners. Incorporation allows you to transfer ownership simply through the sale of stock.
incorporate.com is a service company. It does not provide legal advice, and its services are not the substitute for advice from a licensed attorney.
What local or state restrictions should I be aware of, if I am looking to open a health and wellness facility?
Most states have zoning restrictions to ensure certain types of businesses can only operate in areas with appropriate parking facilities or conditions to ensure the safety and wellbeing of others. Health and wellness facilities are usually restricted from operating in residential areas. Your local or state jurisdiction will advise you of any restrictions on your business type when you apply for a business license. Before making a definitive plan for the location of your office, contact your state authorities for expert guidance.
Not everyone who starts a business chooses to create a business plan. It greatly depends on your need for investors or loans. Should you need financial assistance from your bank, you will be required to have a business plan that outlines your objectives and shows how you plan to achieve those objectives.
Our customers often raise investment funds by forming a corporation or an LLC and issuing interests in those entities to investors in exchange for money or property. Forming a corporation enables owners to issue shares of stock in the corporation to investors in exchange for the money or property they invested. Our customers who form an LLC to conduct their business often issue membership interests in the LLC to investors in exchange for money or property and those investors become members of the LLC. The investors may be entitled to certain rights (e.g., voting rights and the right to share in the profits and distributions of the company) and have certain responsibilities with respect to the corporation or the LLC. It is our recommendation that you consult with an attorney for specific legal advice about stock and raising capital for your business.
incorporate.com can secure a Federal Tax Identification Number for you with a complete package selection or as an individual option when you complete your incorporation paperwork. In order to secure your Federal Tax ID Number (TIN), we will need information such as the corporation name, state, type of entity, and the purpose of the business. TIN is also referred to as an Employer Identification Number or EIN. incorporate.com will prepare the forms for you and forward your number via email when the process is complete. It's simply another service we provide, so you can concentrate on other important matters at hand.
As a health and wellness professional, you focus on making people's lives better. incorporate.com supports your efforts and offers useful products and services to assist you. From finding necessary permits to getting your Employer Identification Number (EIN), we save you time and allow you to focus on your everyday business tasks.
For a full list of products and services offered by incorporate.com, check out Our Services. We'd like to offer the following services in particular to your business: