Originally posted by: Fern
Originally posted by: glutenberg
Originally posted by: Fern
Originally posted by: glutenberg
Originally posted by: JS80
There are plenty of Law Corporations. XYZ, A Law Corporation.
I believe that most if not all law firms are LLPs, which are not corporations.
I think you're mostly correct.
Law firms love throwing out partners in a dispute or for money. You can't throw out shareholders.
Fern
There are generally fairly strict rules in regards to what forms of entities lawyers and other professionals (doctors, accountants, etc) can form. The corporation most people think of are publicly owned, run by a management team, etc. but even a professional corporation does not fall into that category (which is something professionals are allowed to form).
In my state (NC) there's nothing that I know of preventing lawyers, or any other professional from utilizing the corporate form.
If the company hame had the words "attorney at law, lawyers" etc, it would have to file as a PC (professional corporation). What this basically means is an extra form to be completed and filed along with the usual incorp (reg corp or LLC) documents. The extra form lists/names all the shareholders and the NC Bar would have to sign off saying that all were licensed to practice law in the state etc.
The law firm across the hall from me is a P.C. (incorporated as an LLC and taxed as an S-corp).
I've also got a doctors group that is a regular corporation (but here again, since "Physician" etc is in their name they had to prove that they were licensed and must use the term "P.C." in their name instead of just "Inc." etc.
The only real meaning to a "PC", other than the inconvenience of an extra form, is that liability is not fully limited as in other/regular corporations. In NC being incorporated cannot shield you from personal liability in malpractice suits if you're in a licensed profession (lawyers, CPAs, physicians, chiropractors).
Fern