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To PC or Not to PC
Some partners in multi-state partnerships have recently rediscovered the benefits of becoming a professional corporation (PC) partner in their law firms, primarily to obtain state income tax savings. Where the advantages outweigh the disadvantages, some firms have accommodated (and in some cases, encouraged) some of their partners to consider this alternative. A by-product of the influx of PC partners is that a number of multi-state law firms will consist of both incorporated and unincorporated partners, and partnership agreements must be reviewed (and in some cases amended) to accommodate this arrangement and deal with ancillary consequences.
Lawyers have used PCs to act as members of law firms for over 30 years. When first popularized, PC partners obtained significant pension and income tax benefits.
When PCs are formed and operated properly, the IRS and the courts have approved the effectiveness of the PC strategy. Some firms' structures might include among its partners individuals, S corporations and C corporations (each owned by an individual shareholder-employee).
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