New Mexico Professional Limited Liability Partnership Agreement to Practice Medicine
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FAQ
The New Mexico Medical Malpractice Act sets limitations of liability for physicians and also sets a cap on certain damages you could be awarded in court. If you or a loved one has been a victim of medical malpractice, you need a medical malpractice attorney in New Mexico on your side.
A professional limited liability company (PLLC) is a business structure that offers personal asset protection for business owners in licensed occupations, such as medicine and law. Only recognized in some states, PLLCs are subject to the same laws as ordinary LLCs.
"Partnership" means an association of 2 or more persons to carry on as co-owners a business for profit formed under section 1022, predecessor law or comparable law of another jurisdiction. [PL 2005, c. 543, Pt. A, §2 (NEW).]
The Partnership Act 1890 defines a partnership ?as the relation which exists between persons carrying on a business in common with a view to profit?. Consequently, whether a partnership exists is a matter of fact.
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.
? The Uniform Partnership Act has adopted the theory that a partnership is not a legal entity separate and distinct from its membership except for such purposes as keeping partnership accounts, marshalling assets and conveyancing.
