PC Partners Face NY Tax Challenge: Will Other States Follow?

Last year, we informed readers of the rediscovery by some partners in multi-state partnerships of the benefits of becoming a professional corporation ('PC') partner in their law firms, primarily to obtain state income tax savings. New York recently enacted legislation that would potentially adversely affect that strategy, including those who incorporated long before the legislation was passed, and it is unclear whether other states may follow.

11 minute read November 29, 2007 at 01:54 PM
By
Sheldon I. Banoff
PC Partners Face NY Tax Challenge: Will Other States Follow?

Last year, we informed LFPBR readers of the rediscovery by some partners in multi-state partnerships of the benefits of becoming a professional corporation ('PC') partner in their law firms, primarily to obtain state income tax savings.

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