Ny professional sole 2025

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The document is a notice for partnerships, limited liability partnerships, professional limited liability partnerships, limited liability companies, professional limited liability companies, or sole proprietorships in New York State to elect coverage under the Workers' Compensation Law for their partners, members, or self-employed individuals. It outlines the necessary information and procedures for filing this election with an insurance carrier and includes references to relevant sections of the Workers' Compensation Law and Partnership Law.

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What is the difference between a PLLC and an LLC in NY?

With an LLC, anyone can be a member, or owner, of the business. State PLLC laws often provide that only licensed professionals can be members, or that a certain number of members must be licensed professionals. A PLLC cannot be used to shield the members from claims for malpractice.

Is it better to have a PLLC or an LLC?

For many small professional service businesses, the pros of a PLLC outweigh the extra hassle. The pass-through tax treatment, liability protection, and credibility of a PLLC can be advantageous. However, if youre unsure of your business ideas or want an easy setup, an LLC may suit your needs.

Does the IRS recognize PLLC?

The IRS does not recognize LLCs or PLLCs, so youll need to decide whether to file as a sole proprietor, partnership, S corporation, or C corporation. If you go with sole proprietorship or partnership, your business will typically be treated as a pass-through entity.

Who needs a PLLC in New York?

In New York, PLLCs (or PSLLCs) are designated for licensed professionals as defined by the Education Law. Some examples of professions that can form a PLLC include: Medical professionals (physicians, surgeons, dentists, chiropractors, optometrists) Legal professionals (attorneys, paralegals, legal consultants)

What are the disadvantages of a PLLC?

Disadvantages of PLLCs This limits its applicability as a business entity. Second, not all states recognize PLLCs. This can pose challenges for professionals who offer services across state lines. Lastly, establishing and maintaining a PLLC can be costly.