Pllc Vs Llc In Illinois

• Category: Limited Liability Company - Professional - Formation
• State: Texas
• Control #: TX-PLLC-1
• Format: Word; Rich Text

Description

In Illinois, the primary distinction between a Professional Limited Liability Company (P.L.L.C.) and a Limited Liability Company (LLC) lies in their intended use and regulatory requirements. P.L.L.C.s are specifically designed for licensed professionals, such as attorneys or medical practitioners, allowing them to limit personal liability while maintaining control over business operations. The form includes provisions for management structure, capital contributions, and profit distribution, making it adaptable for various professional settings. Users should pay attention to filling out the details such as the name of the P.L.L.C., members, and operational specifics while ensuring compliance with state regulations regarding professional practices. Editors are advised to review each section for applicability to their practice area, emphasizing the need for members to be licensed professionals in their field. This form can be particularly useful for lawyers, partners in law firms, or associations requiring a structured approach to business operations, offering flexibility in management by allowing either member-managed or manager-managed structures. By clearly outlining responsibility, profit-sharing, and operational guidelines, the document supports proper governance and accountability among members. It also details procedures for adding new members, handling contributions, and managing distributions, crucial for law practitioners aiming to establish effective practices.