State-by-state Requirements for Professional Entities

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Please note by-laws and corporate books and records are not filed with the Department of State or any other state agency. The Department of State cannot provide legal advice regarding the preparation of these documents. Professional corporation a person or a group of persons licensed to practice a profession in this state may elect to practice as a professional corporation. Limited Partnership – The name must include “limited partnership,” “limited,” “L.P.,” or “Ltd.” See Utah Code Ann.

ZenBusiness has compiled a step-by-step guide to New York PCs to help business professionals determine whether a PC is the right entity for them. The applicable statutory provisions should be consulted prior to publishing. The Division of Corporations is required by statute to reject for use any corporate, limited partnership, or limited liability company name that is not “distinguishable” from existing names on file. The only avenue to determine whether a name is available for a corporation, limited partnership or limited liability company is to make a name availability inquiry. TheCorporation and Business Entity Databaseonline search is intended for status inquiries of entities already on file with the Department of State.

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The name of a limited liability partnership that is not a limited liability limited partnership shall contain the words “limited liability partnership” or “registered limited liability partnership” or the abbreviation “L.L.P.”, “R.L.L.P.”, “LLP”, or “RLLP”. The name of a partnership that is not a limited liability partnership may not contain these names or abbreviations. A limited liability company that is a theatrical production company is exempt from the publication requirements provided the words “limited liability company” appear in its name. Also, a limited partnership that is a theatrical production company is exempt from the publication requirements provided the words “limited partnership” appear in its 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.

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One or more of the What Does PC Stand for After a Business Name? individuals shall be the incorporators of the professional corporation. A corporation, LLC, or limited partnership may be a professional entity and provide professional services. The name must include the word “chartered,” “limited,” “ltd.,” “professional corporation,” “professional association,” and may not include words such as bank, banker, trust, etc.

Limited Liability Partnership Statements

Overnight delivery service providers pick up outgoing packages from the Division of Corporations prior to the end of our business day. In this case, your overnight package may not leave the Department of State until the following business day. A foreign business corporation may apply for authority to do business in the State of New York by filing an Application for Authority pursuant to Section 1304 of the Business Corporation Law. Wyoming does not have professional LLCs but does not prohibit professionals from forming a standard LLC. As long as the applicable professional rules of the licensing authority do not prohibit it, a professional may form an LLC to practice their profession. The corporate name of every professional corporation must end with the words “A Professional Corporation” or the capital initials “P.C.”. The corporate name may be limited by the licensing acts of the respective professions.

https://personal-accounting.org/ Corporation.Professional Corporations are corporations for certain occupations – typically, service professions like lawyers, doctors, architects and the like. A professional corporation isn’t allowed to branch out beyond the services for which it was specifically incorporated with the state. This means, for example, a PC for law can’t offer design services.

Business Corporations

It has rights and abilities similar to those of a natural person. Principal features are perpetual duration, limited liability and easy transferability of interests. A corporation may be formed for any lawful business purpose or purposes. The Department of State cannot offer advice about the choice of business formation and strongly recommends consulting with legal and financial advisors before making the decision.

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New York requires businesses operating in the state to file an annual New York State corporation tax return and to pay a franchise tax under the New York State Tax Law. The state provides a tax guide for new businesses on its Department of Taxation and Finance website.

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