Asked by Gulzaar Ahmed on Jun 11, 2024
Verified
Professional corporations are owned by which of the following?
A) Shareholders
B) Bookkeepers
C) Associate attorneys
D) Banks
Professional Corporations
A type of corporate structure specifically designed for licensed professionals, such as doctors, lawyers, and accountants, providing certain tax and legal benefits.
Shareholders
Individuals or entities that own one or more shares of stock in a corporation, making them part owners of the company with certain rights and responsibilities.
Associate Attorneys
Associate attorneys are lawyers who are employed by a law firm or legal office but do not have ownership or partnership status.
- Identify the characteristics and implications of professional corporations in the legal industry.
Verified Answer
RS
Robert SanchezJun 16, 2024
Final Answer :
A
Explanation :
Professional corporations are owned by shareholders, who can be professionals such as lawyers, doctors, or accountants, depending on the corporation's focus.
Learning Objectives
- Identify the characteristics and implications of professional corporations in the legal industry.