Professional Corporation

Categories: Insurance, Legal, ,

A type of corporation authorized by state law for a fairly narrow list of licensed professions, including lawyers, doctors, accountants, many types of higher-level health providers, and sometimes architects. A professional corporation does not free an owner from personal liability for his or her own negligence or malpractice, but owners are not personally liable for the malpractice of other owners. In some states, limited liability partnerships offer this same benefit and may be more desirable for other reasons.