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Nevada Registered Agent Service™ The
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Professional Limited Liability Company
Last updated Sunday, April 7, 2024
What is a PLLC?
While licensed professionals of all
kinds, such as doctors, lawyers, architects, and accountants can form
businesses with all the benefits of an LLC, an alternative structure exists for
these industries called a professional limited liability company (PLLC). This structure is
specifically designed for businesses that require professional licensing to
operate.
PLLCs have their own requirements; require
proof of licensing and member approval from the state licensing board. Certain
industries may also have their own regulations. Proof of licensing and approval
from any applicable state governing agency is required at the time the articles
of organization are filed with the secretary of state.
LLC vs PLLC: Similarities
LLCs and PLLCs share almost identical
qualities when it comes to how they are formed, structured, taxed, and
regulated. They mirror one another in the following ways:
·
Both are formed by filing Articles of
Organization with their state of formation.
·
Both allow members to elect corporate
status for tax purposes.
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Both include the same structural
flexibilities.
·
Both offer limited liability
protection to their members.
·
Both are taxed as pass-through
entities.
LLC vs PLLC: Differences
While at basic levels an LLC and a
PLLC are the same, there are some important distinctions. When forming a PLLC,
the state will require proof of professional licensing before approval your
articles of organization. There are also important considerations when it comes
to the scope of limited liability protection.
·
Malpractice: A PLLC does not protect members from
malpractice claims related to their own professional actions. PLLC members do,
however, retain protection from claims resulting from malpractice by other
company members.
For example, if you’re a physician in a medical PLLC and a patient sues another
physician in the practice, your personal finances remain protected. Only the
finances of the business, including the percentage you own, will be at risk.
However, PLLC members will generally need to carry malpractice insurance to
cover claims made against them personally.
·
Personal
guarantees:
Because of the increased risks associated with my PLLCs, lenders may be more
likely to require a personal guarantee before approving loans. This can subject
PLLC members to more personal liability than LLC members.
Nevada
Commercial Registered Agent
Entity # E0502742015-6
NV Business ID NV20151637034
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10409
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Vegas, NV 89144-1221 |
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(702)
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(800)
948-0601 - Fax |
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Revised April 7, 2024 10:24 AM
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