Form a Professional Corporation

Start with the right business structure

Answer a few easy questions to help you decide which one may be your best choice

Higher Standards With a Professional Corporation

If you are starting a business that will be offering professional services, the best way to structure your company is as a professional corporation. Common groups that start a professional corporation include dentists, attorneys, engineers, and accountants. The good news is that it is easy and painless to form a professional corporation, as DoMyLLC offers a simple 2-step filing process. We will make sure that all necessary forms are filled out correctly in order to set up your company successfully.

Basics

Benefits

Taxes

Why Choose Us?

Unlike some similar companies, DoMyLLC is focused on your success and supporting your needs. We offer a number of benefits that set us apart from our competition:

  • 100% guaranteed satisfaction
  • Live support when you need it
  • Competitive prices with a price match guarantee
  • Dependable and professional customer service
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Advantages of a Professional Corporation

When structuring a company there are a number of options such as a sole proprietorship, limited liability company, and a partnership. The following highlights the advantages of forming a professional corporation.

  • Limited liability: Owners are protected from personal liability and liability from the negligence or criminality of the other owners.
  • Tax deductions: In addition to traditional business deductions, professional corporations can deduct owners’ bonuses and salaries, and owners’ fringe benefits are considered to be business expenses.
  • Earning retention: The tax structure for corporations allow them to keep some of the profits for business improvements.
  • Business stability: Professional corporations can continue to stay in business even when owners leave the company or pass away.

Discover more about advantages of a professional corporation by visiting our benefits page.

Comparison Chart

LLC

C-Corp

S-Corp

DBA

LLCs provide personal liability and asset protection. Members (owners) are not held personally liable for the debts of the company.

C-Corps provide personal liability and asset protection. Officers, Directors, and Shareholders are not held personally liable for the debts of the company.

S-Corps provide personal liability and asset protection. Officers, Directors and Shareholders are not held personally liable for the debts of the company.

Owners have no personal liability or asset protection. Owners are held personally liable for the debts of the company.

Pass through taxation. LLCs are not taxed at the Corporate level. The profits and losses pass through to the members to report with their personal income tax.

C-Corps are double taxed. The company is taxed at the corporate level and dividends distributed to share holders are taxed as well.

Pass through taxation. S-Corps are not taxed at the Corporate level. The profits and losses pass through to the shareholders to report with their personal income tax.

DBA's are not taxed at the corporate level. Profits and losses are report by the owner/owners with their personal income taxes.

Although fees vary by state, LLCs are required to pay a filing fee along with the article of organization to set up an LLC.

Although fees vary by state, C-Corps are required to pay a filing fee along with the articles of incorporation to set up an C-Corp.

Although fees vary by state, S-Corps are required to pay a filing fee along with the articles of incorporation to set up an S-Corp.

Most DBA filings are done at the county level and do not require a state formation fee. Some states de require a state level registration and filing fee.

LLCs can be member managed or manager managed. In a member managed LLC the owners of the company are the ones that manage the day to day activities of the LLC. In a Manager-managed LLC the member elected a manager or managers to manage the day to day activities of the LLC.

C-Corps have shareholders, directors and officers. The shareholders are the owners of the company. The directors are elected by the shareholders and they appoint/elect officers to run the day to day activities of the business. People can hold multiple offices A C-Corp can have one person who is the only shareholder, directors and officer.

S-Corps have shareholders, directors and officers. The shareholders are the owners of the company. The directors are elected by the shareholders and they appoint/elect officers to run the day to day activities of the business. People can hold multiple offices A S-Corp can have one person who is the only shareholder, director and officer.

DBA owner/owners run ALL day to day activates of the company and have no restrictions within their role.

LLCs have a very informal business structure. LLCs have become very popular to form for this reason. LLCs are not required to hold meetings, documents minutes of meetings, issue stock or elect directors.

C-Corps have a very formal structure. C-Corps are required to have bylaws, hold annual meetings, documents minutes of meetings, issue stock and elect directors. Failure to comply with these formalities could cause the corporate veil to be pierced.

S-Corps have a very formal structure. S-Corps are required to have bylaws, hold annual meetings, documents minutes of meetings, issue stock and elect directors. Failure to comply with these formalities could cause the corporate veil to be pierced.

No corporate formalities are required.

LLCs can be either perpetual or have and finite end date. The existence term of an LLC is usually document in the operating agreement of the company. Some states require on the article of organization to list a termination date or list a perpetual existance. If perpetual the company will continue to exist the member die or if member interests are transferred.

C-Corps are a separate legal entity and have a perpetual existence. The corporation survives death and or transfer of stock of the owners.

S-Corps are a separate legal entity and have a perpetual existence. The corporation survives death and or transfer of stock of the owners.

A DBA ends with the death of the owner/owners or upon closing the business.

Most states require LLCs to file a annual report of pay franchise taxes on a yearly or biennially. Some states do not require any filings.

Most states require C-Corps to file a annual report or pay franchise taxes on a yearly or biennially. These fees can range from $10-$1,000 depending on state guidelines Some states do not require any filings.

Most states require S-Corps to file a annual report or pay franchise taxes on a yearly or biennially. These fees can range from $10-$1,000 depending on state guidelines. Only a handful of states do not have a annual or biennial filing requirement.

No ongoing maintenance or yearly filing requirements.

Since LLCs do not have stock to issue they can not sell stock to raise capital. LLCs are a separate legal entity and can earn credit, they can also obtain bank loans to raise capital. LLCs can get capital from existing member to take on additional member if approved in their operating agreement.

C-Corps can raise capital through selling varies types of stock. Once someone purchase stock they become a shareholder and business owner. Since C-Corps are a separate legal entity and can earn credit they can also obtain bank loans to raise capital.

S-Corps can raise capital through selling varies types of stock. Once someone purchase stock they become a shareholder and business owner. Since S-Corps are a separate legal entity and can earn credit they can also obtain bank loans to raise capital.

Capital is generally raised through bank loans since DBAs can not issue stock.

FAQ

A professional corporation is a business structure designed for professionals who work in law, accounting, engineering, medicine, architecture, and related fields.

This type of entity protects the personal assets of the owners and grants similar tax benefits that corporations have.

In order to file a professional corporation you will need a company name, business address, name and address of the registered agent, names of the directors and offices, list of authorized shares, and type of business activity. The owners typically are required to be licensed in their profession and must offer proof to the state.

See our complete FAQ list here.

Ready to Start Your Professional Corporation?

It only takes a couple of steps to form your own professional corporation. To get started it costs only $99 plus the state fees and the necessary signed documents. We will then send any other paperwork to you.

Package Includes:

  • Name Availability Check
  • Articles of Incorporation
  • Sample Bylaws
  • Notices of Various Corporate Meetings
  • Minutes to Document Meeting
  • Compliance Calendar

If you would like help in starting your professional corporation, call our office at 888-DoMyLLC (366-9552) and we can walk you through the process.