New York Professional Limited Liability Company PLLC Formation Package
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How to fill out New York Professional Limited Liability Company PLLC Formation Package?
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FAQ
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.
In most cases, business owners can amend the articles of organization of an LLC to change to a PLLC. For example, the state of Arizona requires that a company complete a form to amend its articles of organization and change the name of the company from LLC to PLLC.
To form a PLLC, a licensed professional must sign all filing documents as well as include their professional license number and a certified copy of their license. Importantly, they must submit these documents for approval with their state licensing board before filing them with their state's secretary of state.
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.
To form a PLLC, a licensed professional must sign all filing documents as well as include their professional license number and a certified copy of their license. Importantly, they must submit these documents for approval with their state licensing board before filing them with their state's secretary of state.
Individual Reports A partnership PLLC must file a Form 1065, Return of Partnership Income, showing income, deductions and any profit or loss. This is an informational return, and no taxes are assessed. A Schedule K-1 with the form shows each partner's share, to be reported on a personal return.
The difference between a PC and a PLLC is ultimately the same as the difference between a regular corporation and a regular LLC. One major difference is how these entities are taxed.With a PLLC, you can choose to be taxed like a C corp or an S corp, but the far more common option is taxation as a pass-through entity.
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.
1Step One) Choose a PLLC Name.2Step Two) Designate a Registered Agent.3Step Three) File Formation Documents with the State.4Step Four) Create an Operating Agreement.5Step Five) Handle Taxation Requirements.6Step Six) Obtain Business Licenses and Permits.