Wednesday, September 28, 2016, 07:14 PM
Posted by Administrator
For various accounting reasons, we have decided to form a corporation. We had one until two years ago when we decided, for various accounting reasons, that it didn't make sense. Things change and now it does, again.

I had always wondered what was special about lawyers that declared themselves to be "Chartered". It sounded very impressive. But, yesterday, when I was looking at Sunbiz (the site you go to in Florida for all corporate, LLC, partnership, fictitious name, registered agent (who to serve with the Summons if you are suing a coporation) info as well as to file annual reports..if you have a corporation of your own)I found out that if you are forming a corporation, part of the corporate name must be "incorporated" or "inc." or "company" or "co". And, I found out that if you are going to form a professional association you have to include "professional association", "PA" or "chartered" in the name. So much for the mystique of lawyers who are "chartered".

Professional associations are corporations formed by "professionals"....doctors, lawyers, podiatrists, optometrists. This type of corporation provides a shield against lawsuits from vendors and landlords and suppliers....the stockholders aren't personally liable for their claims. But, there is no shield from personal liability for damages caused by the negligent provision of professional services. Operate on the wrong eyeball and the patient can sue her doctor.....he can't say "I'm not liable, we're a corporation...only the corporation is liable." Well, he can say it....but, it isn't true.

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