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Professional Corporation
Professional corporations are established (formed) so that attorneys, accountants, doctors, and a limited number of other professionals can practice a profession. In a Professional Corporation (a PC), participants are protected from some but not all types of personal liability.
A professional corporation is similar to a traditional corporation except the professional corporation does not provide a licensed individual (such as a doctor, dentist or attorney) with protection from their tortuous acts when performing the service for which they are licensed. Professional corporations are typically set up to protect the personal assets of the individuals owning and operating the professional corporation.
© 2009 by Michael C. Dennis. All Rights Reserved. Michael is the author of "Credit and Collection Handbook."