Difference Between Llc And Pllc In Texas
Description
How to fill out Texas Professional Limited Liability Company PLLC Formation Package?
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FAQ
The Texas Certificate of Formation will request several pieces of information about your LLC, such as: Entity type and name. Registered agent and registered office. Governing authority (stating whether the LLC is member-managed or manager-managed) Purpose of the business. Initial mailing address.
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.
Yes, you can convert your LLC into a PLLC in Texas by filing a Certificate of Amendment to change the name and purpose of your LLC. You'll also need to update your operating agreement to reflect these changes. Here, we'll go over the process of converting your Texas LLC into a PLLC.
Anyone who is licensed to render a professional service can form a Texas PLLC. If you're unsure whether your Texas-licensed profession is considered a professional service for the purpose of forming a PLLC, check with a local business attorney.
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.