Boston Massachusetts Professional Limited Liability Company PLLC Formation Package for Licensed Professionals
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How to fill out Massachusetts Professional Limited Liability Company PLLC Formation Package For Licensed Professionals?
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FAQ
In that way, an LLP is a lot like a PLLC. However, some states don't allow licensed professionals to form LLPs. Messer says, ?A PLLC differs from an LLP in that a PLLC can be required if the type of business to be transacted requires a license from the state.
Forming a PLLC in Massachusetts (in 6 Steps) Step One) Choose a PLLC Name.Step Two) Designate a Registered Agent.Step Three) File Formation Documents with the State.Step Four) Create an Operating Agreement.Step Five) Handle Taxation Requirements.Step Six) Obtain Business Licenses and Permits.
? 2000 for the incorporation of a limited liability partnership with a capital contribution of more than ? 1 lakh but less than ? 5 lakhs. ? 4000 for the incorporation of a limited liability partnership with a capital contribution that exceeds ? 5 lakhs but does not exceed ? 10 lakhs ?
As a licensed professional in Massachusetts you can structure your business as a Massachusetts professional limited liability company (PLLC). This will give you protection from several important types of liability. It also may provide certain tax advantages compared to other ways of structuring your business.
Members of the LLP An individual cannot set up an LLP. To set up and register an LLP, it must have two or more members. There are two types of membership, 'ordinary' members and 'designated' members. It is worth noting; designated members are legally accountable.
In order to become a registered professional limited liability partnership, a partnership must file a registration with the Corporations Division executed by one or more partners and authorized by a majority of partners.
There is no minimum capital requirement in LLP. An LLP can be formed with the least possible capital. Moreover, the contribution of a partner can consist of tangible, movable or immovable or intangible property or other benefits to the LLP.
To create a limited liability partnership, you must file registration with the Secretary of State. Unlike many states, Massachusetts does not provide registration forms for limited liability entities. If you need help drafting an LLP registration, contact a lawyer.
There is no specific amount for the initial capital. The capital amount fixed by the partner should be inserted in the capital clause of the LLP agreement. The clause can specify the manner of the capital contribution.
Unlike companies, there is no concept of share capital in the case of LLP. However, the partners of LLPs are required to make some contribution at the time of incorporation of LLP and this contribution is known as Partner's capital.
