Massachusetts PLLC Operating Statement
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How to fill out PLLC Operating Statement?
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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.
You should make sure you have an operating agreement for your PLLC. (Unlike most other states, Texas statutes refer to this document as a "company agreement.") Unlike professional licenses, articles of organization, naming restrictions, and service restrictions, this is not a state requirement.
Massachusetts allows professionals to form both PCs and PLLCs. Massachusetts's rules for PLLCs rely in part on the state's older rules for PCs.
If you're a solo business owner who wants to form a limited liability company (LLC), you can start a single-member limited liability company (SMLLC) in Massachusetts. In general, the process for forming an LLC and SMLLC in Massachusetts is the same. You must follow Massachusetts's Limited Liability Company Act.
Each year, all Massachusetts corporations, LLCs, nonprofits, LPs, and LLPs must file an annual report with the Secretary of the Commonwealth, Corporations Division.
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. However, it is important for every LLC to have an Operating Agreement, establishing the rules and structure of the business.
A Massachusetts LLC is similar to a corporation but less formal. The owners are referred to as ?members,? whereas the owners of a corporation are its ?shareholders.? Members of an LLC are taxed like a sole proprietorship, partnership, or S Corp, with income from the LLC passing through to the LLC members.