New York 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
Non-physician investors can invest in business entities that support the non-medical aspects of a medical practice, but a medical practice located in New York State must be owned and controlled by a NY licensed physician. A nursing practice must be owned by a Registered Nurse or Nurse Practitioner, etc.
A sole proprietorship is the easiest way to structure your medical practice, because no separate legal entity is actually formed. A sole proprietor's business is simply an extension of the sole proprietor.
The PLLC must generally be made up of licensed professionals and may only provide professional services in one field (with some exceptions ? speak to an attorney for more information) Submit a signed copy of the Articles of Organization to the New York State Education Department along with the appropriate filing fee, ...
In New York, medical practices are typically organized as Professional Corporations (PCs) or Professional Limited Liability Companies (PLLCs), although entities such as general or limited partnerships are also permissible.
So you've decided it's time to look into opening up your own medical Limited Liability Company, or LLC, for your practice.
However, operating as a PC, LLP or LLC generally can protect you against personal liability for malpractice committed by another physician in the practice. (General partnerships do not offer this protection, while sole proprietorships do not need this protection.)
The professional requirements for PLLCs in New York are that relevant professionals must own and manage the company. For example, a dentist's office organized as a PLLC must be owned and managed by licensed dentists.
New York State law prohibits the Corporate Practice of Medicine (?CPOM?). CPOM is when a non-medical individual or company owns or controls a medical practice.
