Limited Liability Companies Professional Law & Legal Definition

A professional limited liability company is a limited liability company in which the members are engaged in rendering professional services. It may provide professional services only to the extent that a professional corporation may do so under the conditions and limitations imposed by the applicable licensing statute.

A professional limited liability company is slightly more complex to form than a limited liability company. Forming a professional limited liabilty company is a formal process. To form a professional limited liability company you must do the following:

• * Acquire all necessary local, state, and federal licenses and permits.
• * File articles of organization with the Secretary
of State. The articles of organization must specify the professional services to be rendered by the professional limited liability company. All members of the professional limited liability company must be licensed to practice their profession.
• * Pay the filing fees.
• * File an application with the Secretary of State to reserve a professional limited liability company name. The name must contain the words "professional limited liability company," or the abbreviation "PLLC" or some combination of words and abbreviations to indicate that the business is a professional limited liability company.
• * Designate a registered agent and a registered office, and file the designation with the Secretary of State.
• * Prepare and adopt an operating agreement.
• * File with the Secretary of State a certification by the appropriate licensing board that all members of the professional limited liability company are licensed.
* Obtain a certificate of registration from the appropriate licensing board. This certification must be renewed annually.
• * File an annual report with the Secretary of State.