Pllc Texas Formation
Description
How to fill out Texas Sample Operating Agreement For Professional Limited Liability Company PLLC?
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FAQ
Advantages. Members of a PLLC aren't personally liable for the malpractice of any other member. This is a big advantage over a general partnership or sole proprietorship. PLLC members are not personally liable for business debts and lawsuits, such as unpaid office rent.
The Purpose of a Texas PLLC For a PLLC in Texas, the Purpose must be the providing of some specific professional service such as legal advice, medical services, or architectural planning, to name a few. This is why, if you are converting to a PLLC from an LLC, it is not just a simple name change.
A business entity that is formed for the purpose of providing a "professional service" (i.e., a service that requires a Texas license) may need to be a professional entity like a professional corporation (PC) or professional LLC (PLLC).
PLLCs pay taxes in the same manner as LLCs. The PLLC itself does not pay taxes. The net income and losses of the PLLC passes to each member. Each member then claims their share of the net income and losses as part of their tax return.
A Texas PLLC can be owned by a professionally licensed individual, or by association whose members are licensed professionals. Some common professions that require licensing include medicine, law, accounting and architecture.