Louisiana Professional Limited Liability Company PLLC Formation Package
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FAQ
A PLLC, or professional limited liability company, is a special type of LLC that may only be formed by licensed professionals for the purpose of rendering professional services. While this is not required, doing so can be beneficial for tax, liability, financing, and other reasons.
A PLLC, or professional limited liability company, is a special type of LLC that may only be formed by licensed professionals for the purpose of rendering professional services. While this is not required, doing so can be beneficial for tax, liability, financing, and other reasons.
The PLLC files a standard Form 1120, Corporate Income Tax Return, and pays taxes at the regular corporate tax rate. It retains earnings as a corporation, however, and doesn't distribute them to members for personal taxation.
Members of a PLLC aren't personally liable for the malpractice of any other member. PLLC members are not personally liable for business debts and lawsuits, such as unpaid office rent. The PLLC can choose to be taxed as a pass-through entity or as a corporation.
To form a PLLC, a licensed professional must sign all filing documents as well as include their professional license number and a certified copy of their license. Importantly, they must submit these documents for approval with their state licensing board before filing them with their state's secretary of state.
A professional limited liability company (PLLC) is a business entity that offers tax benefits and limited liability for professionals, such as lawyers, accountants, and doctors.
How much does it cost to form an LLC in Louisiana? The Louisiana State Corporations Commission charges $100 to file the Articles of Organization. You can reserve your LLC name with the Louisiana State Corporations Commission for $25.
The owners of a PLLC are called members, and they have an operating agreement that governs how they work together and divide profits and losses. Many professionals start a PLLC because they want to separate their individual liability from their liability as a member of the business or practice.
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.