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Begin by reserving a name for your PLLC. Download the Name Reservation form and follow the instructions provided. Ensure that you use the abbreviation P.L.L.C. when filling it out.
Once your name is reserved, proceed to complete the Certificate of Formation. Download this form and fill in all required fields, including your professional service type and member details.
Mail the original Certificate of Formation along with any required copies and fees to the Corporation Division at the specified address.
After filing, create an Operating Agreement using the sample provided. Customize it according to your PLLC's needs.
Apply for a Federal Tax Identification Number using form SS-4, which can be mailed to your regional IRS office.
Finally, open a bank account for your PLLC and start conducting business as per your operating agreement.
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A PLLC ensures that your personal property, such as your home or car, is protected from business-related liabilities. For example, if your therapy practice were sued due to a malpractice claim or business debts, the PLLC structure would limit the ability of creditors or plaintiffs to go after your personal assets.
Are PLLCs taxed differently than LLCs?
From a taxation standpoint, the IRS treats both LLC and PLLC in the same way. Both have pass-through taxation and can elect to be taxed as an S-Corp. Also, an LLC or a PLLC with only a single member is treated as a disregarded entity, which means the business income is treated as an individuals personal income.
Why use a PLLC?
The advantage of choosing a PLLC is the type of liability protection it provides. For example, liability protection from malpractice or harm dealt by another member of the PLLC can be highly advantageous.
What is the difference between a PLLC and an LLC in NH?
Benefits and Downfalls: PLLCs and LLCs While an LLC and PLLC both provide personal limited liability protection, a PLLC will not protect you from claims of malpractice or wrongdoing. However, a benefit of a PLLC is that the wrongdoing of one individual member does not create liability for other members.
Is a PLLC better than an LLC?
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.
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What Is a Professional Limited Liability Company? A professional limited liability company (PLLC) is a business entity. This entity is designed for professionals like doctors, lawyers, accountants, architects, and therapists. These professionals offer services like medical services, legal services, and more.
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Exemption 5
Exemption 5 Contents Introduction Text of Exemption 5 Scope of Exemption 5 Threshold Requirement: Inter-Agency or Intra-Agency Memorandums or Letters.
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