May 23, 2016 |
All Start a Law Firm Topics, Corporate Structure
Should I form a professional service corporation? Do I have to?
In recent years, banks have become fussier about demanding corporate status from their business clients, and so many new attorneys starting up a trust account have been told by their bank representatives that they “must” incorporate. While this may accurately reflect that particular bank’s position (although another bank might not have the same requirement), The Practice Resource Center of The Florida Bar wants to emphasize that there is no Florida Bar requirement that practicing attorneys incorporate. Attorneys should decide to incorporate only after consultation with their tax advisers to ascertain the repercussions, financial and otherwise, of that action.