Personal Services

Personal Services Industry?

The services provided by a personal service corporation may include any activity performed in the following fields: accounting, engineering, architecture, consulting, actuarial science, law, performing arts, and health, including veterinary services.

A personal service corporation is a corporation that is created to provide personal services to individuals or groups. Such services span a wide variety of professional business endeavors as specified by the Internal Revenue Service (IRS).

For these C Corporations 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.

Personal Services

Activities of households as employers of domestic personnel

Undifferentiated goods-producing activities of private households for own use

Undifferentiated service-producing activities of private households for own use

Activities of extraterritorial organisations and bodies

Role of Shamkris

A Project Report is a document that provides details on the overall picture of the proposed business. The project report gives an account of the project proposal to ascertain the prospects of the proposed plan/activity.

Shamkris will provide a Project report covering Industry License requirements, competitor analysis, Land requirements, machinery requirements, equipment requirements, and financial requirements.

Some of the areas covered in the project report are outlined below:

  • Introduction
  • Project Description
  • Uses and Applications
  • Market Survey
  • Raw Materials
  • Manufacturing Process
  • Process Description
  • Process Flow Diagram
  • Plant Layout
  • Details of Plant & Machinery
  • Suppliers of Raw Materials
  • Suppliers of Plant & Machinery
  • Plant Location Factors
  • Land & building Required
  • Power and Water Required
  • Details of Manpower Required
  • Financials of the Project
  • License and application Certificate

Financials of the Project includes:

  • Land and Building Costs
  • Plant and Machinery Costs
  • Other Fixed Assets
  • Fixed Capital Investment
  • Raw Material Costs
  • Salaries and Wages
  • Total Working Capital
  • Cost of Project
  • Total Capital Investment
  • Cost of Production
  • Turnover per Annum
  • Profitability Analysis
  • 5-year Profit Analysis
  • Break-even Point
  • Resources of Finance
  • Cash Flow Statement
  • Projected Balance Sheet

FAQ

The services provided by a personal service corporation may include any activity performed in the following fields: accounting, engineering, architecture, consulting, actuarial science, law, performing arts and health, including veterinary services.
Personal services include, but are not limited to, legal, accounting, management consulting, investment banking, planning, training, statistical research, public relations, architectural, engineering, surveying or any other services of a consulting, technical or professional nature.

The personal services industry includes companies that provide services of a personal nature or that are particularly structured for the individual or group being served, including veterinary services, funeral and cemetery services, child care services, portrait and photo services, tax preparation and legal services