Limited Liability Companies Professional Law and 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.
Legal Definition list
- Limited Liability Companies Operating Agreement
- Limited Liability Companies Form LLC
- Limited Liability Companies
- Limited Jurisdiction
- Limited Interpretation
- Limited Liability Companies Professional
- Limited Liability Company
- Limited Liability Corporation
- Limited Liability Partnership
- Limited Owner
- Limited Partnership
Related Legal Terms
- Absolute Liability
- Accountants Professional Liability Insurance
- Accounting Professional Standards
- Accrued Liability
- Allied Health Professionals
- American Board of Professional Psychology [ABPP]
- Anti-Contact Rule [Lawyers Professional Responsibility]
- Apportionment of Liability
- Asset-Liability Matching
- Automobile Liability Insurance