Massachusetts Professional Limited Liability Partnership Agreement to Practice Medicine
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How to fill out Professional Limited Liability Partnership Agreement To Practice Medicine?
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FAQ
Choosing to run your company as an LLC or LLP depends upon your profession and your state. If you're a professional who needs a license to do business, you're better off running your company as an LLP if your state allows it. If you are not a professional, an LLC is usually the best fit for your business.
In order to create a limited liability partnership in Massachusetts, you must file registration with the Secretary of State. Unlike many other states, Massachusetts does not provide registration forms for limited liability entities.
To form your Massachusetts PLLC you'll need to: have the state license for each professional who will be a member of the company. file a certificate of organization with the Massachusetts Secretary of State that includes a statement of the professional service or services the PLLC will provide, and.
With an LLC, anyone can be a member, or owner, of the business. State PLLC laws often provide that only licensed professionals can be members, or that a certain number of members must be licensed professionals. A PLLC cannot be used to shield the members from claims for malpractice.
Some disadvantages of an LLP include higher formation and maintenance costs, unlimited liability for some partners, limited access to capital, and not being suitable for all businesses.
An LLP or an LLC with two or more members will be treated as a partnership if it's treated as a partnership for federal tax purposes. An LLP or LLC will be treated as a corporation for Massachusetts income tax purposes if it is classified as such for federal tax purposes.
Massachusetts does not require you to submit an Operating Agreement to form your LLC.
About 40 states allow the formation of an LLP, and the laws vary by state. Some states limit what professions can form an LLP, so check your state statutes. If your business plans to operate in multiple states, check the state's statutes to ensure the state recognizes a foreign LLP (an LLP formed in another state).
