Basic U.S. Incorporation Package

A Professional Service Corporation ("PC") is formed in order to provide professional services within a single profession. According to New York's Professional Service Corporation Statute, a New York PC can be formed for "pecuniary profit for the purpose of rendering the professional service or services that the professionals are authorized to practice.

Generally, this can include the following professions:

Accounting
Acupuncture
Architecture
Chiropractic
Clinical social work
Dentistry
Law
Marriage, family, and child counseling
Medicine
Speech-language pathology and audiology
Nursing
Optometry
Osteopathy
Pharmacy
Physical therapy
Physician assistants
Podiatry
Psychology
Shorthand court reporters
A professional corporation provides the same benefits of a standard Corporation, with the additional formation requirement of proving the business has an effective certificate of registration issued by the governmental agency regulating their profession. Professional corporations are also governed by the agency responsible for overseeing the profession they engage in, and may have rules or limitations on the choice of name or ownership requirements.

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In order to keep your corporation in good standing, there are certain reoccurring requirements that must be met.

All corporations must file a Biennial Statement with the Department of State every other year.
Profitable New York corporations must submit and pay required annual tax returns, and pay out estimated corporation taxes.
Corporations must hold an annual meeting of the directors logged with corporate minutes.
Corporations must hold an annual meeting of the shareholders.

New York does require corporations to pay a franchise tax, although the process is fairly unique to the state and is imposed to prevent the use and abuse of tax loopholes. Simply put, the state uses four different methods to calculate possible taxes, after which the corporation is required to pay the highest amount. The four methods are:

Minimum taxable income
Total net income
Total business/investment capital
A fixed minimum tax
Whichever number is highest is the amount the corporation pays in franchise taxes. It's also worth noting that foreign corporations that only engage in interstate commerce are exempt from this tax.