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Professional Association

What is a Professional Association?

A professional association is a unique organization formed to act as an artificial entity or artificial person to carry on or conduct a profession which requires a license to practice (for example, physicians, dentists, chiropractors, optometrists, veterinarians, and mental health professionals).

What are the benefits of a Professional Association?

Most often the professionalís certified public accountant has advised the professional to form a professional association in order to take advantage of certain provisions of application tax law, or qualify for specific tax deductions which may not be available to a sole proprietor.  Currently the two most important distinctions between corporations and professional associations are (1) a professional association will not protect the professional from liability for professional malpractice; and (2) only licensed professionals may own and manage the entity.

Is a Professional Association right for you?

Input from your certified public accountant is an absolute must before the entity is organized.  Your CPA knows your tax situation, and his or her counsel more often than not dictates whether or not to form this type of entity. I assist clients in the organization of their Texas professional associations.  And the counsel of a Texas attorney is especially critical prior to forming the entity if two or more members will own the professional corporation.

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