Michigan Professional Limited Liability Companies (LLC) are a type of business entity in the state of Michigan that combines elements of both a professional corporation and a limited liability company (LLC). Unlike a traditional LLC, a Michigan LLC is designed for entities that are engaged in professional services such as medicine, law, accounting, or architecture. The main benefit of an LLC is that it offers its owners limited liability protection in the form of “charging order” protection, which prevents creditors from seizing the company’s assets. AdditionallyMichiganLCSSCs offer tax advantages such as pass-through taxation. There are four types of Michigan Professional Limited Liability Companies: 1) the Professional Limited Liability Company (LLC); 2) the Professional Service Corporation (PSC); 3) the Professional Limited Liability Partnership (PULP); and 4) the Professional Limited Liability Limited Partnership (PLL LP). All of these entities are designed to protect the owners from personal liability for the debts and obligations of the business.
Michigan Professional Limited Liability Companies
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FAQ
However, a PLLC will typically protect you from personal liability for the business debts, as well as the malpractice of other owners within the company.
In that way, an LLP is a lot like a PLLC. However, some states don't allow licensed professionals to form LLPs. Messer says, ?A PLLC differs from an LLP in that a PLLC can be required if the type of business to be transacted requires a license from the state.
A Michigan PLLC refers to any limited liability company that is formed by founders who intend to provide licensed professional services in the state of Michigan. Any licensed professional in the state of Michigan can structure their business as a Michigan PLLC. This provides protection from multiple types of liability.
Michigan's LLC formation fee is on the low end at $50. To bring your Michigan LLC into existence, you'll need to pay this fee and submit a completed Michigan Articles of Organization form to the MI Department of Licensing and Regulatory Affairs (LARA). You can submit this form online, by mail, or in person.
Choosing to run your company as an LLC or LLP depends upon your profession and your state. If you're a professional who needs a license to do business, you're better off running your company as an LLP if your state allows it. If you are not a professional, an LLC is usually the best fit for your business.
Unlike an LLC (Limited Liability Company), all partners have limited liability protection, which means they are not personally liable for the debts and obligations of the LLP. This makes an LLP a good choice for businesses that involve multiple owners, as each partner has their own protected interests.
A Michigan PLLC is a limited liability company (LLC) formed specifically by people who will provide Michigan licensed professional services. LLCs in general are businesses registered with the state that consist of one or more people?called LLC members?who own the business.
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.