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Financial differences between PC versus LLC?

Last post 04-07-2016, 1:44 AM by Vijender thakur. 2 replies.
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  •  06-03-2011, 3:02 PM

    Financial differences between PC versus LLC?

    Hello,

     

    I understand the difference between a PC and an LLC as it relates to the professional realm, however I am still trying to understand the financial (i.e. taxes, fees, benefits, etc) differences.

     

    Someone on a different post wrote this extremely helpful nugget regarding LLCs:

     

    "First, it is an extra layer of protection from being sued if anything happens on the job site. Second, it allows you to open a SEP retirement account and contribute 25% of all monies that are paid to the LLC tax free up 45-46 thousand per year. Finally, it allows you the opportunity to start a business without any employees and receive the tax benefits that go with it...i.e. mileage, CEU's, travel expense, and many more which will lower your tax bill significantly. "

     

    I was wondering if a PC would offer the same/ similar?

     

    And more specifically, would this change from state to state? I am currently located in NY.

     

    Any and all feedback is appreciated.
  •  07-22-2011, 6:32 AM

    Re: Financial differences between PC versus LLC?

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  •  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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