West Virginia Partnership Agreement for Professional Practice
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How to fill out Partnership Agreement For Professional Practice?
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FAQ
Because of its simplicity and tax benefits, a general partnership is one of the most common legal business entities. However, it's important to note that each partner is personally responsible for the business, including debts and lawsuits, and is held liable for the actions of their partner(s).
The general rule is that members of an LLC enjoy limited liability and cannot be sued personally for activities or debts of the LLC. In other words, the corporate veil of the LLC legal structure protects its members from personal liability.
LLC members, in their capacity as members, are not liable for the LLC's obligations. This is effectively the same liability shield that corporate shareholders have.
What is a PLLC? 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.
You can form multi-member LLCs/member-managed/manager-member LLCs in all 50 states.
Professional LLCs The main difference between a LLC and a PLLC is that only professionals recognized in a state through licensing, such as architects, medical practitioners and lawyers, can form PLLCs. The articles of organization are similar to those for a standard LLC, but extra steps are necessary to file.
A general partnership is an unincorporated business with two or more owners who share business responsibilities. Each general partner has unlimited personal liability for the debts and obligations of the business. Each partner reports their share of business profits and losses on their personal tax return.
A West Virginia PLLC is a limited liability company (LLC) formed specifically by people who will provide West Virginia licensed professional services. LLCs in general are businesses registered with the state that consist of one or more peoplecalled LLC memberswho own the business.
A PLLC is a kind of LLC specifically for licensed professionals. The difference between an LLC and a PLLC is mainly that only licensed professionals such as architects, doctors, lawyers and accountants can form PLLCs. Check with your state to determine if they permit licensed professionals to form a standard LLC.
An LLC holds limited liability. That means the members of the LLC do not bear personal liability for the financial obligations of the business.