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Limited liability company 2025

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The document outlines the formation and operation of a Professional Limited Liability Company (PLLC) in Michigan, detailing statutory references, requirements for licensed professionals, and the process for establishing a PLLC. It includes information on member responsibilities, management structure, liability issues, and compliance with state regulations. The document also provides steps for forming a PLLC, necessary forms, and guidelines for maintaining records and conducting business.

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Click ‘Get Form’ to open the limited liability company form in the editor.
Begin by reserving your PLLC name using Form 1. Ensure that the name includes 'Professional Limited Liability Company' or its abbreviations. This step is crucial to avoid rejection of your Articles of Organization.
Proceed to complete Form 2, the Articles of Organization. Fill in all required fields accurately, including the purpose of your PLLC and details about its members.
Once you receive confirmation of your Articles, draft the Operating Agreement using Form 4. This document outlines how your PLLC will be managed and should reflect any specific agreements among members.
Apply for a Federal Tax Identification Number using Form SS-4. This is essential for tax purposes and can be done online through the IRS website.
Open a bank account under your PLLC's name to manage finances effectively and maintain proper records as required by law.

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What is limited liability and why is it good?

Limited liability is a type of legal structure for an organization where a corporate loss will not exceed the amount invested in a partnership or limited liability company (LLC). In other words, investors and owners private assets are not at risk if the company fails.

What does it mean when a company is a limited liability company?

Limited liability company Limited Liability Company / Full name

What is a limited liability company?

The limited liability company (LLC) is a corporate structure that protects its owners from being personally pursued for repayment of the companys debts or liabilities.

What best describes a limited liability company?

LLC stands for limited liability company, which means its members are not personally liable for the companys debts. LLCs are taxed on a pass-through basis all profits and losses are filed through the members personal tax return. Generally, LLCs are required to pay a one-time filing fee as well as an annual fee.

What is an example of a limited company?

In business, limited liability is about reducing your personal exposure to financial risk. If your business fails (or is sued) then the amount of money for which you are liable is limited by the business structure. There are a number of different forms that this safety net can take.

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