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Re: Financial differences between PC versus LLC?

  •  04-07-2016, 1:44 AM

    Re: Financial differences between PC versus LLC?

    The limited liability partnership form of business organization popular with partnerships that wish to protect themselves from financial liability for business debts. Since they are classified as partnerships, LLPs must have at least two partners; there is no maximum number of partners, however. LLPs are taxed as pass-through entities, allowing partners to avoid the corporate drawback of double taxation. Both the United States and the United Kingdom allow the formation of LLPs.

       A professional corporation offers liability protection to professional service providers that would traditionally have structured their practices as sole proprietorships or partnerships. Examples of businesses suited to the PC form include dentists, doctors and lawyers. Professional corporation stockholders must all be licensed to practice the services that the PC exists to provide.

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