This form addresses important considerations that may effect the legal rights and obligations of the parties with the formation of a professional limited liability company. This questionnaire enables those seeking legal help to effectively identify and prepare their issues and problems. Thorough advance preparation enhances the attorney's case evaluation and can significantly reduce costs associated with case preparation.
This questionnaire may also be used by an attorney as an important information gathering and issue identification tool when forming an attorney-client relationship with a new client. This form helps ensure thorough case preparation and effective evaluation of a new client's needs. It may be used by an attorney or new client to save on attorney fees related to initial interviews.
Virginia Professional Limited Liability Company - PLLC - Formation Questionnaire
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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.
A professional limited liability company (PLLC) ? not to be confused with a public limited company (PLC) ? is the type of LLC licensed professionals use. A PLLC has a similar Articles of Organization, but extra steps are required to form the PLLC.
Professional Limited Liability Companies (PLLC) provide specific services outlined in the Code of Virginia. Typically, these services require a license, certification, or other legal authorization. Only businesses who provide these types of professional service can set up an PLLC.
Complete and file Virginia Articles of Organization The business name. Its specific and sole purpose. Information about the registered agent. Number of members with contact details. Registered office and principal office. Signature.
Even though technically an online business doesn't live in any specific state, the best place to form an LLC will be wherever you're operating the online business from. For example, if you run your online business from your home office in Virginia, then that is the state where you should form your LLC.
Differences Between PC and PLLC A PC is usually considered to be a C-Corp [1] by the IRS and its profits are taxed at the corporate tax rate. A PC is also subjected to ?double taxation.? The difference for a PLLC is that though a PLLC may choose to be taxed like a C-Corp or an S-Corp, the business doesn't pay taxes.
PLLC vs. For both a PLLC and PC, the owners must be licensed in their profession. A corporation, however, is taxed differently from an LLC. A PC is subject to the tax and compliance rules that would impact a C-corporation or S-corporation.
