Limited Liability Partnership

Members of a PLLC aren't personally liable for the malpractice of any other member. PLLC members are not personally liable for business debts and lawsuits, such as unpaid office rent. The PLLC can choose to be taxed as a pass-through entity or as a corporation.

The legal forms of organization that a medical practice can consider are sole proprietorship, general partnership, limited partnership, C corporation (standard corporation), S corporation, limited liability company (LLC), and limited liability partnership (LLP).

Not Everyone Can Operate a Limited Liability Business Attorneys, physicians, and tax preparers, for instance, cannot by law and ethics protect themselves by limiting their liability. They need to be personally responsible for their actions so that they make decisions carefully.

There are three relatively common partnership types: general partnership (GP), limited partnership (LP) and limited liability partnership (LLP). A fourth, the limited liability limited partnership (LLLP), is not recognized in all states.

General partnerships, the most common form.

Learn some of the advantages of this type of partnership structure for professionals. Since the 1990s, a limited liability partnership (LLP) has become a popular form of business organization for many licensed professionals, such as lawyers, doctors, architects, dentists, and accountants.

Regarding the management flexibility and taxation, a PLLC has the same advantages of an LLC. The difference between the two is that the PLLC has some restrictions on who may be a member of the PLLC and the limitation of liability of the members. With an LLC, anyone can be a member, or owner, of the business.

A partnership is an arrangement between two or more people to oversee business operations and share its profits and liabilities. In a general partnership company, all members share both profits and liabilities. Professionals like doctors and lawyers often form a limited liability partnership.

PLLC is an acronym of a legal term that stands for professional limited liability company.A PLLC is specifically for services that require professional licensure, including dental, medical, real estate, engineering, nursing, accounting, or law.