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A District of Columbia Series LLC is a limited liability company that consists of a parent organization and divisions, called ?series,? with separate assets, finances, and limited liability. Washington, D.C., is one of around a dozen US jurisdictions where you can form a Series LLC.
A PLLC can opt to be treated like an S corp in the eyes of the IRS. It is important to note the following: You will have to file a Form 2553 to make changes to your tax status. Any S class PLLC will file a Form 1120S tax return for corporations to report earned income, costs, and other important business information.
In many cases, the benefits of a PLLC are nearly identical to those of an LLC. Those benefits include legal liability protection and the option to file taxes as an S Corp. But they're only for licensed professionals in certain fields.
With an LLC, anyone can be a member, or owner, of the business. State PLLC laws often provide that only licensed professionals can be members, or that a certain number of members must be licensed professionals. A PLLC cannot be used to shield the members from claims for malpractice.
A District of Columbia LLC Operating Agreement is a written contract between the LLC Members (LLC owners). This legal document includes detailed information about LLC ownership structure, who owns the company and how the LLC is managed.
A professional limited liability company (PLLC) is a business structure that offers personal asset protection for business owners in licensed occupations, such as medicine and law.
One type of legal entity that professionals consider is a professional limited liability company (PLLC). A PLLC is a business structure made for licensed professionals in specialized industries such as the medical or legal fields.