Personal-Service Corporation
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Definition of 'Personal-Service Corporation'
A corporation that is created for the purpose of providing personal services to individuals or groups. To be considered a personal-service corporation by the IRS, the employee-owners must perform at least 20% of the personal services themselves. The employee-owners must also own at least 10% of the outstanding stock of the personal-service corporation on the last day of the initial one-year testing period.
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Investopedia explains 'Personal-Service Corporation'
If you function as the owner-employee of a personal-service corporation and your primary business is related to creative/fine arts or photography, any current expenses you incur pursuant to creative work are deductible for the corporation. However, either you or your family members must hold all or nearly all of the corporation's outstanding stock. This rule does not apply to other types of personal-service corporations.
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Search results for 'Personal-Service Corporation'
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http://www.investopedia.com/articles/pf/08/asset-protection-business.asp
... Personal service liability includes work done for or on behalf of another by doctors ...
For example, a doctor who forms a corporation and works for it as an ...
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http://www.investopedia.com/articles/pf/09/small-business-five-cs.asp
... prospect of dealing with the owner and receiving more personal service can also ... include
president and CEO of Colonial Printing Ink Corporation, general manager ...
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