Tennessee Professional Limited Liability Company PLLC Formation Package
Understanding this form
The Tennessee Professional Limited Liability Company (PLLC) Formation Package is a legal document required to establish a Professional Limited Liability Company in Tennessee. This form outlines essential details such as the PLLC's name, purpose, duration, registered address, and registered agent. Unlike standard LLC formations, a PLLC is specifically designed for licensed professionals, adhering to unique state regulations governing professional practices.
What’s included in this form
- PLLC Name: Must include specific designations like "Professional Limited Liability Company" or abbreviations such as "PLLC."
- Registered Agent Information: Requires the complete address of the PLLC's registered agent.
- Organizer Details: Includes information about the individual(s) forming the PLLC, with at least one organizer necessary.
- Management Structure: Specifies whether the PLLC will be member-managed or board-managed.
- Principal Executive Office: The address where the PLLC's main operations will take place.
- Operating Agreement: An essential document detailing the management and operational protocols of the PLLC.
Situations where this form applies
This form is necessary when a licensed professional, such as an attorney, doctor, or accountant, aims to create a PLLC in Tennessee. Use this document if you plan to conduct your professional practice in a manner that benefits from limited liability protections while complying with state licensing requirements. It is particularly relevant for individuals or groups ready to formalize their business structure in accordance with Tennessee law.
Who should use this form
- Licensed professionals in fields like law, medicine, accounting, and engineering.
- Individuals who wish to limit their personal liability while practicing a state-regulated profession.
- Groups of professionals looking to collaborate under a single business entity.
Completing this form step by step
- Reserve a PLLC name to ensure it is available for use.
- Fill out the Articles of Organization, including all required information about the PLLC's name and registered agent.
- Specify the management structure, either board-managed or member-managed.
- File the completed Articles of Organization and pay the necessary filing fee.
- Draft and finalize an Operating Agreement to outline the management details and operational processes.
Does this document require notarization?
In most cases, this form does not require notarization. However, some jurisdictions or signing circumstances might. US Legal Forms offers online notarization powered by Notarize, accessible 24/7 for a quick, remote process.
Get your form ready online
Our built-in tools help you complete, sign, share, and store your documents in one place.
Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Typical mistakes to avoid
- Using an unavailable or incorrect PLLC name which can lead to rejection of the application.
- Failing to verify the qualifications of members before forming the PLLC as required by state law.
- Not consulting the appropriate licensing board, resulting in non-compliance with professional regulations.
- Neglecting to complete or maintain an Operating Agreement, which can create governance issues.
Benefits of using this form online
- Immediate access to downloadable forms, saving time on physical paperwork.
- Easy-to-fill digital documents that help reduce the risk of errors.
- Access to professional guidance on compliance with state regulations.
- Secure storage options for your completed forms and related documents.
What to keep in mind
- The PLLC Formation Package is essential for licensed professionals in Tennessee seeking to establish a business with limited liability.
- Compliance with state regulations is critical, emphasizing the need to consult with relevant licensing boards.
- Careful completion and filing of the Articles of Organization will ensure a smooth formation process.
Looking for another form?
Form popularity
FAQ
Any person starting a business, or currently running a business as a sole proprietor, should consider forming an LLC. This is especially true if you're concerned with limiting your personal legal liability as much as possible. LLCs can be used to own and run almost any type of business.
A PLLC, or professional limited liability company, is a special type of LLC that may only be formed by licensed professionals for the purpose of rendering professional services. While this is not required, doing so can be beneficial for tax, liability, financing, and other reasons.
A PLLC, or professional limited liability company, is a special type of LLC that may only be formed by licensed professionals for the purpose of rendering professional services. While this is not required, doing so can be beneficial for tax, liability, financing, and other reasons.
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.
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.
Professional LLCs PLLCs offer the same benefits as 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.
How much does it cost to form an LLC in Tennessee? The Tennessee Secretary of State charges $50 per LLC member included in the filing, with a minimum total fee of $300. The filing fee cannot exceed $3,000 for the Articles of Organization.
The PLLC files a standard Form 1120, Corporate Income Tax Return, and pays taxes at the regular corporate tax rate. It retains earnings as a corporation, however, and doesn't distribute them to members for personal taxation.
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.
