This form addresses important considerations that may effect the legal rights and obligations of the parties with the formation of a professional limited liability company. This questionnaire enables those seeking legal help to effectively identify and prepare their issues and problems. Thorough advance preparation enhances the attorney's case evaluation and can significantly reduce costs associated with case preparation.
This questionnaire may also be used by an attorney as an important information gathering and issue identification tool when forming an attorney-client relationship with a new client. This form helps ensure thorough case preparation and effective evaluation of a new client's needs. It may be used by an attorney or new client to save on attorney fees related to initial interviews.
Florida Professional Limited Liability Company - PLLC - Formation Questionnaire
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Multi-State
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US-Q1033
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How to fill out Professional Limited Liability Company - PLLC - Formation Questionnaire?
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FAQ
One key difference between a PLLC and a Florida professional association is that a PLLC is comprised of members whereas a professional association, or PAPA, is comprised of shareholders. Ownership of a PA is based on shares of stock, whereas PLLC member ownership is based on membership interest in the business.
In Florida, PLLCs must declare their professional purpose and they can only list one, which is based on the owners' licenses. This means that a PLLC must have all of the same licensed professionals as members in order to qualify as a PLLC.
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.
In Florida, you can convert your business entity from one structure into another through a fairly straightforward and simple process. You must submit the proper conversion document, along with a new formation filing and pay the allotted fees to the Division of Corporations.
One of the main benefits of forming a PLLC is the separation it offers between the members and the entity. The PLLC structure offers several personal liability protections, such as: Protection from creditors seeking debts owed by the PLLC. Protection from malpractice involving other members of the PLLC.
PLLCs are composed of a member or members who own the business. However, only people providing Florida licensed (or otherwise legally authorized) professional services can form PLLCs. These licensed professions include certified public accountants, doctors, dentists, attorneys at law, and many others.