What is a Professional Limited Liability Company (PLLC)?
A Professional Limited Liability Corporation is a specific corporation meant for Professionals such as Law, Accounting, Medicine, Architecture, and other professional services. Creating a PLLC is a smart decision for professionals because it helps protect the owner of the business from losing their personal assets in a lawsuit against the business.
Who can form a PLLC?
Professional Corporations can only be formed by professionals that are licensed in the type of business they wish to form. You also have to be licensed in the state in which you wish to practice.
What paperwork is required to form a PLLC?
When creating a PLLC Articles of Organization or Certificate of Formation must be prepared and submitted to the respective Department of State for filing. The information required in the formation document varies per state. When forming your company we will request the mandatory information from you in order to complete the filing. In addition to the formation documents some states require that PLLC’s obtain consent from one or multiple state agencies in order to form the company. If consent is required we will likely need copies of your professional license and any sub-specialties that you will be practicing under the PLLC name. If required Accumera will obtain these consents for you. View our State Specific Information page for details on what information is required for your filing.
How many people are needed to form a PLLC?
States require a minimum of one member when forming a PLLC, there is no maximum. When Accumera forms your company we will act as the initial organizer.
What is the organizational structure of a PLLC?
PLLC’s are organized by members and managers. The members of the LLC are like the shareholders of a corporation as they are the owners of the company. The managers are elected to run the daily operations of the company on behalf of the members, which makes them like the officers of a Corporation. A PLLC can be member-managed whereby the members run the daily operations of the company, or manager managed.
How is a PLLC managed?
PLLC’s are managed by members or managers of the company. If the members are managing the company, all managing people will be equally in charge of everything that happens with the company. If the managing members choose to do so, they can elect managers to be in charge of all the company affairs and run the daily operations of the company.
What is a PLLC Operating Agreement?
The PLLC operating agreement is a document that states the internal rules and regulations for how your PLLC will operate. Each state has different requirements for what must be included in the operating agreement. Included with Accumera’s PLLC kit are state specific operating agreements that you can use for your company. Please note that operating agreements do not get submitted or filed with the respective Department of State.
Does my PLLC need a registered agent?
In most states your PLLC is required to have a Registered Agent who can accept service of process on behalf of the company. If required your company must have a Registered Agent in every state where your company is registered. Further, you must maintain the Registered Agent with the Secretary of State in order to keep your company active. Accumera can provide you with registered agent services as required in your state.
What is the publication requirement?
Some states, such as Arizona (Corp’s & LLC’s), Georgia (Corp’s only), Nebraska (Corp’s & LLC’s), New York (LLC’s only) and Pennsylvania (Corp’s only) require that new companies run notice of formation in local newspapers after the company is formed. Accumera will prepare and run the associated notices for you, file them as necessary and provide proof of publication when complete. Contact us for more information on the publication process in your state.
Am I required to hold annual meetings?
PLLC’s are not required to hold annual meetings or record any minutes of any meetings that they may have. Although it is not mandatory to hold meetings or record minutes, it is recommended in order to discuss any PLLC issues and record notice of the outcome. Contact us if you would like assistance with drafting your annual corporate minutes.