This Professional Limited Liability Company - PLLC Formation Package state-specific form must be filed with the appropriate state agency in compliance with state law in order to create a new Professional Limited Liability Company. The form contains basic information concerning the PLLC, normally including the PLLC's name, purpose and duration of the PLLC, the registered address, registered agent, and related information.
Connecticut Professional Limited Liability Company PLLC Formation Package
State:
Connecticut
Control #:
CT-00PLLC
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FAQ
Professional LLCs PLLCs offer the same benefits as LLCs. The main difference between a LLC and a PLLC is that only professionals recognized in a state through licensing, such as architects, medical practitioners and lawyers, can form PLLCs.
A professional limited liability company (PLLC) is a business entity that offers tax benefits and limited liability for professionals, such as lawyers, accountants, and doctors.
A PLLC, or professional limited liability company, is a special type of LLC that may only be formed by licensed professionals for the purpose of rendering professional services. While this is not required, doing so can be beneficial for tax, liability, financing, and other reasons.
The PLLC files a standard Form 1120, Corporate Income Tax Return, and pays taxes at the regular corporate tax rate. It retains earnings as a corporation, however, and doesn't distribute them to members for personal taxation.
How much does it cost to form an LLC in Connecticut? The Connecticut Secretary of State charges a $120 fee to file the Articles of Organization. It will cost $60 to file a name reservation application, if you wish to reserve your LLC name prior to filing the Articles of Organization.
Members of a PLLC aren't personally liable for the malpractice of any other member. PLLC members are not personally liable for business debts and lawsuits, such as unpaid office rent. The PLLC can choose to be taxed as a pass-through entity or as a corporation.
Regarding the management flexibility and taxation, a PLLC has the same advantages of an LLC. The difference between the two is that the PLLC has some restrictions on who may be a member of the PLLC and the limitation of liability of the members. With an LLC, anyone can be a member, or owner, of the business.
How much does it cost to form an LLC in Connecticut? The Connecticut Secretary of State charges a $120 fee to file the Articles of Organization. It will cost $60 to file a name reservation application, if you wish to reserve your LLC name prior to filing the Articles of Organization.
The owners of a PLLC are called members, and they have an operating agreement that governs how they work together and divide profits and losses. Many professionals start a PLLC because they want to separate their individual liability from their liability as a member of the business or practice.