Pllc Vs Llc In Texas
Description
How to fill out Texas Sample Operating Agreement For Professional Limited Liability Company PLLC?
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FAQ
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.
As a licensed professional in Texas you can structure your business as a Texas professional limited liability company (PLLC). This will give you protection from several important types of liability. It also may provide certain tax advantages compared to other ways of structuring your business.
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.
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.