What Is a Personal Corporation: Everything You Need to Know
What is a personal corporation? If you want your business to exist as an independent legal entity, a corporation is one of the best business entities to choose.3 min read
The Internal Revenue Service (IRS) offers a variety of tax options that business owners can choose based on their business types and circumstances. One of the most preferred tax statuses is the corporation. Business owners can also choose a personal service corporation if they meet the requirements.
What Is a Personal Service Corporation?
According to the IRS, a personal service corporation is an organization whose primary activity is to offer personal services delivered by its employee-owners. Personal services might include:
- Actuarial science
- Health, including veterinary services
- Performing arts