"An LLC is not a corporation under state law; it is a legal form of a company that provides limited liability to its owners in many jurisdictions."
This type of LLC is available to certain professions, such as accountants, lawyers, and doctors, that require a professional license.
Legal structure of a Professional LLC: This topic covers the basic legal structure of a Professional LLC, including its formation, operation, and management.
Professional LLC formation requirements: This topic covers the formation requirements for a Professional LLC, including filing articles of incorporation, obtaining business licenses, and registering with the state.
Professional LLC operating agreement: This topic covers the legal document that governs the operation of a Professional LLC, including its management structure, ownership, and distribution of profits.
Professional liability insurance: This topic covers the importance of obtaining professional liability insurance to protect a Professional LLC and its members from liability associated with professional malpractice or negligence.
Taxation of a Professional LLC: This topic covers the tax obligations of a Professional LLC, including local, state, and federal tax requirements, and the tax implications of different ownership structures.
Dissolution of a Professional LLC: This topic covers the process and legal requirements for dissolving a Professional LLC, including payment of outstanding debts, distribution of assets, and cancellation of licenses.
Permitted professional services: This topic covers the types of professional services that are permitted to be provided by a Professional LLC, and any restrictions or limitations on the scope of those services.
State-specific Professional LLC requirements: This topic covers any state-specific requirements for forming and operating a Professional LLC, including differences in regulation or taxation between different states.
Capital requirements for a Professional LLC: This topic covers the minimum capital requirements for a Professional LLC, including necessary capital contributions, debts, and other financial obligations.
Management structure of a Professional LLC: This topic covers the different management structures available for a Professional LLC, including member-managed and manager-managed structures, and the legal implications of each.
Legal PLLC: This type of PLLC is owned and operated by licensed attorneys who provide legal services to clients.
Medical PLLC: This type of PLLC is owned and operated by licensed healthcare professionals, such as doctors, dentists, or nurses, who provide medical services.
Accounting PLLC: This type of PLLC is owned and operated by licensed accountants who provide accounting and financial services to clients.
Architectural PLLC: This type of PLLC is owned and operated by licensed architects who provide architectural services to clients.
Engineering PLLC: This type of PLLC is owned and operated by licensed engineers who provide engineering services to clients.
Consulting PLLC: This type of PLLC is owned and operated by professionals who provide consulting services to clients in various fields, such as business, HR, or marketing.
IT PLLC: This type of PLLC is owned and operated by professionals who provide IT services, such as software development, network setup, or cybersecurity, to clients.
Real Estate PLLC: This type of PLLC is owned and operated by licensed real estate brokers or agents who provide real estate services to clients.
"LLCs are well known for the flexibility that they provide to business owners; depending on the situation, an LLC may elect to use corporate tax rules instead of being treated as a partnership."
"An LLC is a hybrid legal entity having certain characteristics of both a corporation and a partnership or sole proprietorship."
"The primary characteristic an LLC shares with a corporation is limited liability."
"The primary characteristic it shares with a partnership is the availability of pass-through income taxation."
"In certain U.S. states, businesses that provide professional services requiring a state professional license, such as legal or medical services, may not be allowed to form an LLC but may be required to form a similar entity called a professional limited liability company (PLLC)."
"When an LLC is formed, it is said to be 'organized,' not 'incorporated' or 'chartered,' and its founding document is likewise known as its 'articles of organization.'"
"Ownership in an LLC is represented by a 'membership interest' or an 'LLC interest,' rather than represented by 'shares of stock' or just 'shares.'"
"In the absence of express statutory guidance, most American courts have held that LLC members are subject to the same common law alter ego piercing theories as corporate shareholders."
"However, it is more difficult to pierce the LLC veil because LLCs do not have many formalities to maintain."
"The charging order limits the creditor of a debtor-partner or a debtor-member to the debtor's share of distributions, without conferring on the creditor any voting or management rights."
"Limited liability company members may, in certain circumstances, also incur personal liability in cases where distributions to members render the LLC insolvent."
"Professional limited liability company (PLLC)."
"It is a legal form of a company that provides limited liability to its owners in many jurisdictions."
"An LLC is often more flexible than a corporation and may be well-suited for companies with a single owner."
"Businesses that provide professional services requiring a state professional license may not be allowed to form an LLC."
"Ownership in an LLC is measured by percentages or 'membership units' rather than 'shares of stock.'"
"An LLC's founding document is known as its 'articles of organization,' instead of its 'articles of incorporation' or its 'corporate charter.'"
"It is more difficult to pierce the LLC veil because LLCs do not have many formalities to maintain."
"Depending on the situation, an LLC may elect to use corporate tax rules instead of being treated as a partnership."