What Is Pc Law?
- Marvin Harvey
What is PCLaw? – PCLaw is Lexis Nexis’s turn at Law Practice Management Software (LPMS). It allows lawyers to track matters, cases, time, and billing all in one place with a focus on making sure they are getting paid for the time they expend for a client.
Business Reports On-premises Option User Controls
Complex Initial Set-up No Mobile Access No Client Portal
Overview Featured Ratings
What is PC law experience?
PCLaw PCLaw is a legal accounting and practice management solution that helps businesses manage clients, cases and matters, reporting, finances, banking reconciliation and billing processes. The software is designed for small to midsize law firms to help them track real-time activity and gain a 360° view of work operations.
PCLaw Go, a mobile timekeeping application for iOS and Android devices, allows professionals to capture billable hours and update client ledgers even from remote locations. Apart from cloud and mobile, PCLaw can also be installed on Windows and Mac operating systems. The user interface of the software provides insights into billed time, fees, billing, payments and business finances with the help of visual analytics.
Also, customizable security set. Please contact LexisNexis directly for pricing details. Free trial: Not Available Free version: Not Available Share your thoughts with other users. : PCLaw
Who owns PC law?
‘Dedicated to you in the past, here for you now, committed to you in the future.’ PCLaw | Time Matters™ LLC, a joint venture between LexisNexis® and LEAP Legal Software, is a global provider of practice management software solutions for law firms.
Who uses PCLaw?
Who should use PCLaw? – PCLaw is great for solo practitioners and law firms that need an all-in-one solution and are willing to pay more for quality software to manage cases, clients, billing processes, and financial reports.
Who owns Time Matters?
| This article has multiple issues. Please help or discuss these issues on the, ()
time:matters Typelimited liability company (LLC)IndustryLogisticsFounded1 January 2002Headquarters Neu-Isenburg, Germany Key people
- Alexander Kohnen, CEO time:matters
- Lars Krosch, COO time:matters
Owner Number of employees >330Website time:matters is a German company specializing in urgent transports and time-critical international shipping. The company is owned by, Due to exclusive cooperation agreements, time:matters has access to the network. The company also has access to the high-speed railway services of, The company is working in six different industries – Life & Health, MedTech, Aviation & Aerospace, Machinery & Components, Automotive and High Tech & Semicon. At as well as at, time:matters runs its own courier terminals.
What is PC in court order?
P.C kicks-in and they were produced him/her before a Magistrate within 24 hours of the arrest. Difference between Judicial Custody and Remand: Police Custody means that police has the physical custody of the accused while Judicial Custody means an accused is in the custody of the concerned Magistrate.
What does PC stand for legal entity?
LLCs, S Corps & PCs: Choosing A Business Entity (This post is part of my Small Business Startup & Survival Guide. You can catch up on the whole series,) When you’re getting started in business, it can be tempting to rush through to get to the good stuff.
After all, you have your cool idea and your even cooler sounding name. Can’t you just tack an LLC onto the end using one of those online services? The short answer is no. Entity selection is more important than you think. Your choice of entity can affect the number and identity of shareholders and partners, equity structure, control and management, as well what kind of funding you might be eligible to receive.
I know what you’re thinking: why not just pick something to get started and change it if it doesn’t work? Getting it right in the beginning is crucial. While it’s true that you can make a switch later in the game, there may be tax and other consequences as a result – so slow down and get it right the first time.
Entity choice is state specific. It doesn’t happen at the federal level. You incorporate or organize at the state level. The laws of the individual state matter: not all entity choices are respected or treated the same in every state. Your choice of corporate entity may be different from your tax entity. Incorporation or organization with the in your state does not constitute a tax election with the Internal Revenue Service (IRS). For example, you can incorporate as a C corporation but elect with IRS to be taxed as an S corporation. You could also organize as an LLC but opt to be taxed as a partnership, S corporation, C corporation or disregarded altogether.
See? Entity choice can get pretty complicated. There’s a lot to consider, including liability, control and taxes. Follows is a brief primer on the most common forms of entity (focusing on taxes, of course): Jacquelyn Martin (b.1979) carves out time from her work as a staff photojournalist with the,
Associated Press to work on personal projects. Race, identity, immigration and women’s issues are common themes in her work. Born in Syracuse, NY, she graduated with honors in 2001 from the Rochester Institute of Technology. For the AP in Washington, D.C. she covers a diverse range of topics from the President and Congress to the National Spelling Bee.
Prior to working with the AP she was a staff photographer at the Birmingham (Ala.) Post-Herald, and worked as a freelancer for clients including The New York Times. Her work has been honored with awards from the White House News Photographer’s Association, National Press Photographers Association, and the Women Photojournalists of Washington (WPOW).
- She is the current Acting Director of WPOW, and a recent past-president of WPOW, a non-profit that educates the public about the work of female photojournalists.
- Eywords: xphotographerportfoliox Sole Proprietorship.
- The sole proprietorship is the most simple form of business entity.
- There is no formal procedure to form a sole proprietorship – no forms to fill out, no agreements to sign and no documents to file with the state.
Since there are few formal accounting requirements, the transferability of personal and business assets in and out of the business is easy. The downside of the lack of formal requirements is that the owner of the sole proprietorship can be personally liable for debts and obligations of the business.
- That means that personal assets – like your house – can be treated, for liability purposes, as business assets.
- Taxpayers do not file a separate tax return for a sole proprietorship.
- Income and expenses from the business are reported on an individual taxpayer federal form 1040, Schedule C.
- That means that taxpayers are limited to personal deductions for certain expenses, such as medical expenses: in some cases, that produces a less favorable tax result.
General and Limited Partnerships. Partnerships are almost as easy to form as a sole proprietorship: it’s an association of two or more persons to carry on a business for profit. Like a sole proprietorship, in most states there are no formal procedures to form a partnership – no forms to fill out, no agreements to sign and no documents to file – though it’s certainly desirable from a business and legal perspective.
In a general partnership, partners share, jointly and severally, in the liability for business obligations. A limited partnership is a bit different in that it is typically defined as a partnership formed by one or more general partners and one or more limited partners. General partners are treated much like what we think of as “typical” partners: they have joint and several liability for the debts of the partnership and often exercise control over the partnership.
In contrast, limited partners may have limited liability (this depends on state law and how much control those limited partners exercise). For tax purposes, while a partnership does file a separate return (a federal form 1065), income and losses associated with the partnership pass through to the individual partners.
- Items of income or loss retain their character and are reported to each partner in proportion to their interest, as determined either by statute or partnership agreement.
- Each partner is then responsible for reporting that information on their individual tax returns.
- Limited Liability Partnership.
- A Limited Liability Partnership (“LLP”) is a relatively new form of entity.
An LLP is similar to a general partnership but while a general partnership can exist on an informal basis, an LLP must register with the state. The benefit of registration – a formal acknowledgement of the entity – is that the LLP takes on a form of limited liability similar to that of a corporation.
Typically, that means that partners aren’t liable for the bad behavior of the other partners though the level of liability can vary from state to state. There is generally unlimited personal liability for contractual obligations of the partnership such as promissory notes and mortgages (again, this varies by state).
For federal tax purposes, an LLP is treated as a pass-through entity, similar to a general partnership. Limited Liability Limited Partnership. No, that’s not a mistake. Some states recognize a Limited Liability Limited Partnership (“LLLP”). If you consider that a LLP is a general partnership with limited liability, think of a LLLP as a limited partnership with limited liability.
- For federal tax purposes, an LLLP is treated as a pass-through entity, similar to a general partnership.
- Limited Liability Company.
- The Limited Liability Company (“LLC”) is probably the most popular form of business entity today.
- It’s a hybrid entity that offers the liability protection of a corporation with the option to be taxed as a partnership or a corporation.
An LLC is made up of members, as opposed to shareholders. Individual members are typically protected from liability so long as corporate formalities are observed. That means that you do need to register with the state and pay attention to state laws (like filing annual reports).
On the plus side, LLCs have far fewer corporate formalities than other corporations. For federal tax purposes, an LLC is generally treated as a passthrough entity. While most LLCs are taxed as a partnership because it’s typically more advantageous, there may be situations when corporate tax treatment might be preferred (for example, when the individual members of an LLC are foreign).
An LLC can also opt to be taxed as a S corporation (more on that in a bit). While this primer is meant to focus on federal tax laws, it’s worth noting that under the laws of some states, LLCs may be subject to additional corporate taxes even if they are otherwise treated as a partnership.
This can bump the costs associated with being an LLC considerably. Be sure to check with the laws in your state. Single Member Limited Liability Company. A Single Member Limited Liability Company (SMLLC) is what it sounds like on the tin: a formally organized LLC with a single member. The advantage of a SMLLC is that it may be treated as a “disregarded entity” for federal tax purposes.
That means that the taxpayer does not file a separate tax form for the business; rather, income and expenses are reported on an individual taxpayer federal form 1040, Schedule C, just like a sole proprietor. C Corporation. A C corporation is what most people think of when we think of a business.
In a typical C corporation, the business is owned by individual shareholders who hold stock certificates or shares (yes, we still call them certificates even though it’s rare that you have a piece of paper evidencing your ownership). The shareholders vote on policy issues but the decisions on company policy are left to the Board of Directors.
The catch? The Board of Directors are typically elected by the shareholders. The day to day work of running the company is performed by the officers of the corporation (think CEOs and COOs). The general appeal of a C corporation is limited liability: individual shareholders are not usually responsible for the debts, obligations and actions of the company.
For federal tax purposes, a C corporation is a separate taxable entity that figures income or loss each year and pays tax on taxable income using a form 1120. C corporations are taxed at the federal level using graduated tax rates ranging from 15% to 39%. Shareholders also pay tax at their individual income tax rates for any dividends or other distributions paid out during the year.
Since tax is already paid on the profits from the company, this is where the term “double taxation” comes from. S Corporation. An S Corporation is a bit tricky because the term actually refers to a tax election. That means that another entity (a corporation, LLC or PC) is created at the state level and an election is made to be taxed as an S corporation.
- By federal law, S corporations have a number of restrictions: they must have only one class of stock and have a limited number of domestic (no foreign) shareholders.
- S corporations are treated as passthrough entities for purposes of taxation – but not exactly like a partnership.
- There is a separate tax return called a federal form 1120-S which reflects some differences in the way that income or losses are treated compared to a partnership.
However, like a partnership, most items of income or loss retain most of their character and are reported to shareholders in proportion to their interest, as determined either by statute or Shareholder Agreement. Accountants and other tax professionals love S corporations when it comes to compensation for small business owners.
S corporations may opt to pay out reasonable compensation to small business owners and treat the remainder that passes through as a distribution. The catch? Distributions aren’t subject to payroll taxes (Social and Medicare) while compensation is subject to payroll taxes. To the extent that money paid out can be characterized as distribution, the tax savings can be significant since, in a small business, the employer and employee side payroll taxes often comes from the same pot of money.
But be careful: the IRS hates this arrangement and it can be an audit trigger. Compensation must be reasonable. Being greedy can land you in hot water. There’s one more very important point: if a corporation that has elected to be treated as an S corporation doesn’t follow all of the rules, the corporation will lose its S corporation status and will be treated as a C corporation.
When it comes to small businesses, in particular, this can have significant consequences. Professional Corporation. Professional Corporations (PC) are corporations for certain occupations – typically, service professions like lawyers, doctors, architects and the like. A professional corporation isn’t allowed to branch out beyond the services for which it was specifically incorporated with the state.
This means, for example, a PC for law can’t offer design services. Typically, those not licensed in the profession may not be shareholders in a PC. This rule not only applies employees but also to potential investors and family members. While PCs may elect to be taxed as C or an S corporation, a company deemed a personal service corporation by IRS for federal purpose would be subject to a flat tax rate of 35%.
- Corporation Sole.
- Don’t bite on this one.
- While promoters boast that it’s the next best thing, the IRS,
- While there is a legitimate corporation sole organized for religious purposes in some states, are selling Corporation Sole packages as a way to escape paying federal income taxes and debts.
- There is no such magic bullet.
There may be other corporate entity forms available for small businesses but these are the big ones. Remember that these are just the basics: some states may have variations on a theme. The best advice that I can give you is to consult with a professional before jumping in with both feet.
What does PC mean after name lawyer?
| This article has multiple issues. Please help or discuss these issues on the, ()
Professional corporations or professional service corporation (abbreviated as PC or PSC ) are those corporate entities for which many statutes make special provision, regulating the use of the corporate form by licensed professionals such as,,, public and,
- The general category of the PC or PSC can be as,, or, but with subcategorization as a PC or PSC.
- Legal regulations applying to professional corporations typically differ in important ways from those applying to other corporations.
- Unlike a traditional, operation as a professional corporation does not insulate a professional for personal liability for her own or,
The principal reason why groups of professions choose to organize as a professional corporation is that, unlike a, an owner is not personally liable for the negligence or malpractice of other owners. In some states a offer the same benefit and thus should be considered as a possible business entity by professionals who are forming a business.
- Professional corporations may have a single director or multiple directors.
- They do not usually afford directors the same degree of limitation of liability as ordinary business corporations ( ).
- Such corporations must identify themselves as professional corporations by including “PC” or “P.C.” after the firm’s name.
Professional corporations may exist as part of a larger, more complicated, legal entity; for example, a or might be organized as a partnership of several or many professional corporations.