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.
Queens New York Professional Limited Liability Company - PLLC - Formation Questionnaire
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Queens
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US-Q1033
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How to fill out Professional Limited Liability Company - PLLC - Formation Questionnaire?
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The form for PLLCs, unlike the form for regular LLCs, requires additional information such as the names and residential addresses of all PLLCs members or managers. The current filing fee is $200.
Advantages 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.
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.
When it comes to taxes, PLLCs pay them in the same way that LLCs do, depending on the number of members. A PLLC with one member pays taxes as a sole proprietorship, while a PLLC with multiple members pays taxes as a partnership. LLCs pay income taxes by passing on the net income or loss of the LLC to its members.
Limited liability companies are required by statute to conduct business under their true legal or real name. If a limited liability wishes to conduct business under a name other than its true legal name, a Certificate of Assumed Name must be filed with the NYS Department of State.
A domestic partnership or limited partnership may be converted into an existing limited liability company or into a new formed limited liability company by filing a Certificate of Conversion pursuant to Section 1006 of the New York State Limited Liability Company Law.
The owners of an LLC are called its members. An LLC member can assume a position resembling a partner, passive investor, or a sole proprietor.
The filing fee for a New York PLLC is $200 for the Articles of Organization. It can be paid by cash, check, money order, or credit card. PLLCs must submit an annual filing fee of $25 or more based on the organization's income although financial statements are only required every other year.
PLLC Owner Liability Protection In general, PLLC members have the same legal protections as members of an LLC. While the PLLC protects members from each other's malpractice suits, it does not protect individual members from their own malpractice suits.
Forming a PLLC in New York (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.
