For small businesses, forming a corporation might seem straightforward, but a professional corporation follows a different process. If you're a doctor, lawyer, or another licensed professional, you might need to establish a professional corporation. Meanwhile, your friend who owns a bakery can form a standard corporation. What is a Standard Corporation? A corporation, often called a C Corp, is a legal entity that's separate from its owners. Corporations can make a profit, be taxed, and be held legally liable. The entity can continue in existence even if you sell your shares or simply walk...
Not All Entities Are Created Equal: Standard vs. Professional Corporations
