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Personal Service Corporation
(redirected from Personal service corporations)

    Also found in: Wikipedia 0.01 sec.
Personal Service Corporation
A corporation in which employee-owners perform services helpful to individuals, such as accounting, health care, or performing arts. In order to qualify as a personal service corporation for tax purposes, the employees must own at least 10% of the fair market value of the company's stock and the company must have been engaged in the principal business of a personal service on the last day of the previous tax year or the last day of the calendar year of the company's tax year.
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However, businesses, other than personal service corporations, have another reason to consider C corporation status: In a business where the owner has a strong relationship with the customers, the C corporation structure combined with attribution of personal goodwill to the owner and not the business can result in substantial tax savings when the business is sold.
Saving taxes in transfers of personal goodwill: sale of a closely ... by Nevius, Alistair M. / Journal of Accountancy
9) Despite this artful drafting, personal service corporations may be vulnerable to IRS attack under [section] 482 (e.
Moving the "management and control" of a foreign corporation to ... by Rubinger, Jeffrey L. / Florida Bar Journal
But personal service corporations, such as accountants, doctors and lawyers, are required to have a calendar year.
What's your type--of business entity? by Howard, Ernest F. / California CPA
 
 
 
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