Professional Corporation & PLLC Forms

If you are a professional provider of services and need to form a Professional Corporation, this package can do so and save you time and money in the process. Includes state-specific Articles or Certificate of Incorporation, By-Laws, Organizational Minutes of the Incorporators, Shareholders, Directors and much more. Select your state below to read complete details and to download your Professional Corporation Package today!

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Is a Professional Corporation Right for You?

A professional corporation is a form of business undertaking that is a corporation created for the purpose of carrying out a profession. In some jurisdictions, a professional corporation is also known as a professional services corporation.

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Professions which need a license to practice, such as lawyers, real estate brokers, architects, certified public accountants, and medical professionals, including doctors, physicians, and dentists, can start a corporation. Some jurisdictions mandatorily require professionals in the aforesaid professions to have professional corporations.

A professional corporation can be formed as an S Corporation, C Corporation, or as a limited liability corporation called a professional LLC (PLLC). Laws that apply to a professional corporation differ significantly from those pertaining to other corporations. For instance, unlike other corporations, a professional corporation can function with a solo director, who is a professional. Moreover, the members of a professional corporation are not protected from liability for professional malpractice or negligence by the licensed professionals.

Governing law of a professional corporation is the state law where the corporation is incorporated. Most of the states have special statutes for professional corporations. State-specific statutes provide special provisions for professional corporations.

Each state stipulates its own rules and regulations regarding forming and operating a professional corporation. Such statutes consist of restrictions on who can be a member, officer or director of the corporation. The Internal Revenue Service (IRS) also has particular tax rules for professional service corporations.

A majority of state statutes specify that such corporations must categorize themselves as professional corporations by inscribing the terms "P.C." or "PC" after the corporation's name. State statutes also limit ownership of a professional corporation by limiting membership rights to persons appropriately licensed to deliver the professional services offered by the corporation.

Licensed professionals who own a corporation are, in the legal sense, employees of their own business. All the members within a professional corporation must be carrying out the same profession. For instance, members of a legal professional corporation must be restricted to those practicing legal profession. Members can form a corporation as part of a larger legal body; for instance, a medical practice or a law firm can be formed as an affiliation of several professional corporations.

Top Questions about Professional Corporation & PLLC Forms

  • Does a PLLC file a Schedule C?

    Generally, a PLLC does not file a Schedule C unless it is a single-member LLC treated as a sole proprietorship. Instead, multi-member PLLCs typically file Form 1065, while individuals within the PLLC may use Schedule K-1. If a single-member PLLC wants to report income, it will use Schedule C, but this is not directly tied to the Professional Corporation & PLLC Forms. It’s wise to consult with an accountant to determine what applies to your situation.

  • Is a PLLC a 1065?

    A PLLC is not a Form 1065, but it often files it depending on its tax classification. The Form 1065 is specifically for partnerships to report income, deductions, gains, and losses. In contrast, if your PLLC elects to be treated as a partnership for tax purposes, it will indeed file Form 1065 for its annual return. Always consult a tax professional to ensure you understand your PLLC’s obligations regarding tax forms.

  • What type of tax return does a PLLC file?

    A PLLC generally serves as a pass-through entity for tax purposes, meaning its income is reported on the personal tax returns of its members. Usually, a PLLC files Form 1065 to report its profits and losses. Each member then gets a Schedule K-1 to report their share of income on their personal tax return. If your PLLC elects to be taxed as an S-Corporation, you would file a different set of forms, so it's vital to consider your options.

  • How do I form a PLLC?

    Forming a PLLC involves several key steps. Begin by choosing a unique name for your business that complies with state regulations. Next, you’ll need to file the appropriate Professional Corporation & PLLC Forms with your state’s business registration office. Once approved, create an operating agreement to outline your management structure and business rules, and obtain any necessary licenses or permits for your profession.

  • How to establish a PLLC?

    Establishing a PLLC involves several essential steps that ensure your business is legally recognized. First, you need to choose a unique name that meets state guidelines and includes 'PLLC' in its title. Next, you will file your Articles of Organization and other required Professional Corporation & PLLC Forms with your state. Don’t forget to create an operating agreement and obtain any necessary licenses or permits. For comprehensive support, consider using a trusted service like uslegalforms to streamline the entire process.

  • How long does it take to register a PLLC?

    The duration for registering a PLLC varies by state and can typically range from a few days to several weeks. Once you submit your application along with the necessary Professional Corporation & PLLC Forms, processing times will depend on the state’s workload and requirements. To expedite the process, ensure all documentation is accurate and complete. Utilizing a reliable platform like uslegalforms can provide clarity and help you navigate through registration smoothly.

  • What is better, a PLLC or LLC?

    Choosing between a PLLC and an LLC often depends on your professional needs. A PLLC, or Professional Limited Liability Company, is ideal for licensed professionals who want to limit personal liability while complying with specific regulations. Meanwhile, an LLC serves a broader range of businesses and offers flexibility in management and taxation. Ultimately, reviewing your specific situation can help you decide, and using Professional Corporation & PLLC Forms can simplify this process.

  • Is a PLLC the same as a professional corporation?

    While a PLLC and a professional corporation share some similarities, they are not the same entity. A PLLC offers flexibility in management and less corporate formality, while a professional corporation has a more rigid structure. Both types provide protection to owners from personal liability, which is important for professionals. Understanding these distinctions and using the right Professional Corporation & PLLC Forms can help you make the best choice for your business.

  • What form does a PLLC file use?

    A PLLC generally files Articles of Organization as the primary form to formalize its existence. These Professional Corporation & PLLC Forms include key information about your business, such as its name, purpose, and management structure. It's important to prepare and file this document correctly to avoid delays. Platforms like uslegalforms assist you in filling out and submitting this form accurately.

  • How do you get a PLLC?

    To establish a PLLC, you typically start by selecting a unique name that complies with state regulations. Next, you will need to file the necessary Professional Corporation & PLLC Forms with your state's business filing office. This process usually includes submitting articles of organization and paying applicable fees. Also, using services like uslegalforms can simplify this process, ensuring that you meet all legal requirements.