An entity created under the laws of a state whose purposes are limited to professional services, such as those performed by doctors, dentists and attorneys; and that has privileges and liabilities that are distinct from its members. It is a flexible form of company that blends elements of partnership and corporate structures. Most importantly it is able to provide the personal liability of a corporation with the pass-through taxation of a partnership or S-Corporation.
« Back to Glossary IndexProfessional LLC (AKA “PLLC”)
« Back to Glossary Index
