8 Reasons to Change Your Business Name

What Does PC Stand for After a Business Name?

For example, the state of Iowa allows professionals to form professional corporations. The state requires these structures to file documentation, such as the articles of incorporation and the business name, with the secretary of state’s office. A limited liability company is like a partnership but with more limited liability. One advantage to professionals is that LLC members can consist of different types of entities, such as individuals and corporations.

  • Consult an attorney or CPA before choosing the best legal entity for your business.
  • There are also payroll tax obligations for PLLCs with employees.
  • Professional corporations can also provide health and life insurance as a tax-free benefit to their employees by establishing a Voluntary Employees’ Beneficiary Association.
  • Professional Corporations may use specific designations provided under Chapter 55D. They may also use “Professional Corporation,” “Professional Association” or a relevant abbreviation.

This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty.

How PCs and PSCs Pay Taxes

This is a big advantage over a general partnership or sole proprietorship. Now you know that business owners in professional occupations typically have multiple business entities to choose from. Here are some of the pros and cons of PLLCs that you should consider before making a final decision on which business structure is best for you. A PLLC offers personal asset protection for business owners in licensed occupations, such as medicine and law. The statement must be signed by the president or any design professional vice-president and attested to by the secretary or an assistant secretary of the corporation. Such exceptions must be documented by an affidavit signed by an official of the professional corporation and such other documentation as may be required by the Department.

What Does PC Stand for After a Business Name?

There are many benefits to setting up a professional corporation, but be sure to check the regulations in the state where you plan to incorporate before deciding which structure best works for you. It should be noted that while a PC will insulate you from lawsuits regarding your business, it will not protect a doctor, lawyer, or other professional from legal action should they harm a client. For example, if an employee or patient slips and falls in the office, a PC will protect your assets. If you remove a patient’s kidney when he needed his tonsils looked at, you’re not shielded from a malpractice lawsuit. Persons who file on the county level should contact the applicable county clerks’ offices for information on fees and on filing a certificate. Any other type of business entity not included above or those listed below as filing with the secretary of state. If you have filed an assumed name certificate with either the secretary of state or with a county clerk and you are no longer conducting business under that assumed name, you may file a statement of abandonment.

Company Suffix Requirements by State

Personal service corporations also pay corporate taxes at the 21% rate, but they give a benefit to the business that traditional corporations don’t have. Having PSC status allows the owners working as employees to be paid a salary, and these salaries are deductible as business expenses, reducing the corporation’s tax liability. Only licensed professionals providing similar services can form a professional corporation. Doing business collectively without taking on other shareholders’ liabilities is a major advantage to forming a professional corporation. If you have a license to practice law, accounting, medicine, architecture or another professional service, you may qualify to form a Professional Corporation or Professional Limited Liability Company . These business structures can help licensed professionals protect their personal assets from lawsuits brought against their practice.

Even though the name says Juris “Doctor”, this is not a graduate degree or a doctorate. The expenses you incur as you set up your LLC are tax-deductible, though you need to know important limits, exceptions, and rules to legally deduct these costs.

Can I file a name change amendment online?

You also avoid interruption of this valuable service with our convenient auto-renewal program. At the time of renewal, you can choose to renew your company’s Registered Agent Service yearly for $220, two years for $320 (save $120) or three years for $420 (save $240).

What Does PC Stand for After a Business Name?

A service company/drawdown account must be used to pay transaction fees if you wish to directly access the Division’s computerized index of corporations and business entity records. The database may be searched by a corporation or business entity name. The Division of Corporations charges a fee of 75 cents per transaction.

Ready To Name Your Business? Swyft Can Help!

Must contain the words “professional corporation” or “professional association” or the abbreviations “P.C.,” “PC,” “P.A.” or “PA”. Must contain the word “corporation,” “incorporated,” “company” or “limited,” or the abbreviation “corp.,” “inc.,” “co.” or “ltd.” or words or abbreviations of like import in another language.

  • No language considered derogatory or obscene or that implies illegal activity can be used.
  • Religious Corporations Law Section 2 defines a religious corporation as a corporation created for religious purposes to enable its members to meet for divine worship or other religious observances.
  • If an account does not have sufficient funds to pay for the requested service of access to records, the request will be denied.
  • Professional corporations may have a single director or multiple directors.
  • If you filed in paper format, you will need to submit the new articles and a new transmittal form with the name.

Form 503 may be used for purposes of filing with the secretary of state. Filing a name registration does not give an entity the authority to transact business in Texas.

PLLC: The Complete Guide to a Professional Limited Liability Company

In return, each partner shares in the profits and losses of the business. S-Corp names cannot include any language that implies the business is anything other than a PC unless it is a foreign entity that already included “Professional Services” or “P.S.” in its name. There are no specific business suffix requirements for general stock corporations in California. Close corporations must include the words “Limited,” “Incorporated,” “Corporation” or a relevant abbreviation. Triennial statement forms are routinely mailed by the Division of Professional Licensing Services for completion by the professional corporation.

In some states a limited liability partnership offer the same benefit and thus should be considered as a possible business entity by professionals who are forming a business. Many business owners launch LLCs because this business structure offers limited personal liability for owners. A creditor of the business can’t come after any owner’s personal assets. In addition, if one owner in an LLC makes a mistake or acts negligently, the other owners can’t be held personally liable.

Can I use a copyrighted image if I give credit?

No, it is not legal – you need permission to use a photograph that is not yours – either explicit permission from the image owner, or if the photo has been licenced using a creative commons (cc) licence (which may have various stipulations to abide by).

Also, the incorporation documents typically must have the signature and license number of a licensed professional as the incorporator. That’s why the filing time for PCs and PLLCs is typically longer than the filing time for standard corporations and LLCs. BizFilings obtains the necessary approvals for our customers when we incorporate their businesses as PCs and PLLCs. Its income is taxed through its shareholders rather than the corporation itself.

Low-profit LLCs must include “Low-Profit Limited Liability Liability Company,” “L3C” or “l3c.” Using “Limited Liability Company,” “L.L.C.,” “LLC,” “l.l.c.” or “LLC” is mandatory for all other LLCs. Unauthorized use of the words “Trust” and “Bank” is prohibited. “Limited,” “Professional Association,” “Professional Corporation,” “Chartered” or an appropriate abbreviation is mandatory. Using “Limited Liability Company” or a qualified abbreviation is mandatory.

What does the charge PC mean?

Seek the advice of an attorney or accountant to determine if your company meets this classification in your state of incorporation. Individuals must research this question on their own and should consult a lawyer and/or tax professional in making the decision. The factors to be considered include tax issues, liability issues, capital needs and the type of business, among many others. If a decision is made to form a corporation, limited partnership, or limited liability company, the staff of the Corporations Division can assist with the process. A limited liability company is an unincorporated business organization of one or more persons who have limited liability for the contractual obligations and other liabilities of the business.

  • Guide to Incorporation Learn what to expect when you’re incorporating.
  • Having PSC status allows the owners working as employees to be paid a salary, and these salaries are deductible as business expenses, reducing the corporation’s tax liability.
  • Based on state requirements, we ensure that your particular business needs to form a PC or PLLC in your state of incorporation before we apply our $125 PC/PLLC formation fee to your order.
  • Members of the board of directors must be at least 18 years old.
  • They’ll guide you through the process of filing the necessary paperwork and help you protect your name against future threats.
  • The name of a nonprofit corporation need not contain any particular word or abbreviation.

This helps ensure your company remains in good standing with the state. Depending on your state of incorporation, there may be restrictions that require https://personal-accounting.org/ the profession to be listed in the company name . Additionally, there may be specific “restricted words” that are not available for use in names.

The secretary of state has a statement of abandonment form that may be used to file an abandonment of an assumed name certificate recorded with the secretary of state. If you filed an assumed name certificate with the county clerk, and want to file an abandonment of the assumed name certificate, do not use Form 504. Different execution requirements apply when filing a statement of abandonment on the county level. For these reasons, LLCs have become a favored corporate form for a wide variety of businesses in Texas. Only banking- and insurance-related businesses, title companies and certain cemetery services are barred from operating as LLCs.

“Corporation,” “Company,” “Incorporated,” “Limited” or a suitable abbreviation in English or another language is mandatory in Vermont. Texas requires the use of “Limited,” “Incorporated,” “Corporation,” “Company” or a suitable abbreviation. The entity is affiliated with a charitable, professional, religious, fraternal, service or veteran-related service without written certification. The entity is affiliated with, is sponsored by or is a subdivision of a Tennessee or federal government agency without written certification.

Business entities that file an assumed name certificate with the secretary of state are not required to file an assumed name certificate with the county clerk. House Bill 3609 , which became effective September 1, 2019, amended Chapter 71 of the Texas Business & Commerce Code to eliminate the county-level filing requirement for such entities. An assumed name certificate is not required to include an organizational identifier such as Incorporated, Inc., LLC, Limited, etc. The secretary of state is required to collect $25 for each assumed name certificate and $10 for each statement of abandonment of an assumed name certificate filed with this office. The form can only be used to change the name of the corporation. For any other type changes, articles of amendment would have to be prepared pursuant to the Georgia Code. The articles of dissolution and notice of intent to dissolve must be signed by an officer, chairman of the board of directors, or attorney in fact.

  • For a corporation, the amendment must be signed by an officer, incorporator , a fiduciary , or by an authorized person’s attorney in fact.
  • In addition, the name of your business must end with “Professional limited liability company,” “P.L.L.C.” or “PLLC.” Your secretary of state can provide more details on name requirements, including how to reserve a business name.
  • An unincorporated business has not been granted formal corporate status by the state and is simply an extension of its owners.
  • For example, in Massachusetts, one-owner companies are not eligible.

They are also cost-efficient in how they are run since practitioners share office space and staff. Although PCs and LLCs share many features, they are different types of entities. Since both PC and PLLCs offer better individual liability protection for each member and protect them against the actions of one another, the requirement makes sense. Compare the benefits of each legal entity and learn how they differ.

A visit or two to a lawyer will cost far less than the time and expense of straightening out mix-ups with the other businesses. ​​The law requires the Secretary of State to accept names that are “di​stinguishable upon the record.” A business name is distinguishable if it doesn’t copy a name already on record. A word or even a letter’s difference in a name can be enough to tell it apart from another name.

Any tax due is then paid by the owners at the individual level. To see if your state of incorporation recognizes What Does PC Stand for After a Business Name? the federal S corporation election, view the Ongoing Corporation Requirements page of our state guides.

Georgia Securities Division

It needs a real person, a registered agent, to receive them on its behalf. Upon reviewing the business purpose statement within your order, the state may require you to form a PC or PLLC. If so, we will contact you and then apply the $125 PC/PLLC formation fee to your incorporation service order. In the business purpose field, outline the type of professional services your company will be providing.

If an administratively dissolved entity wishes to voluntarily dissolve or terminate its existence, it will need to reinstate prior to filing for voluntary dissolution or termination. A certificate of cancellation must be signed by all general partners. The certificate of termination must be signed by a member, manager, organizer, or attorney in fact. The certificate of termination may also be signed by a fiduciary if the LLC is in the hands of a receiver, trustee, or other court-appointed fiduciary. A suffix added to a word or any other deviation from or derivative of the same word does not make names distinguishable.

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