What is a PLLC and Who Should Have One?

PLLC stands for professional limited liability company, which is a type of business structure that licensed professionals often use. Licensed professionals who live in Phoenix, Arizona can benefit from setting up a Phoenix PLLC for the many legal benefits that a Phoenix PLLC can offer. Professionals in the fields of engineering, medicine, law, architecture, accounting and many other licensed professionals should strongly consider setting up a Phoenix PLLC.

A Phoenix PLLC can protect the owner from liability

One of the major benefits of setting up a Phoenix PLLC is that it can protect the owner from certain personal liabilities. For instance, a Phoenix PLLC can protect the owner from being personally liable for the debts and financial liabilities of the business. It can also protect the individual’s assets from lawsuits. A Phoenix PLLC cannot protect the owner from every potential legal situation, for instance it cannot protect the owner from a medical malpractice lawsuit. This is why physicians who have a Phoenix PLLC will usually have malpractice insurance as well.

Setting up a PLLC requires some additional steps

In general, the articles of organization for a PLLC will be similar to an LLC, but there are a few additional steps. A copy of the license of the professional who owns the company usually needs to be included in the application, and the licensed professional needs to be the one who signs the organization documents. There may also be state licensing board requirements depending on the particular profession.

Talk to an expert if you aren’t sure how to set up a PLLC

A Phoenix PLLC can be complicated to set up, and if you have questions or if you are unsure on how to set one up, it is best to speak with a business licensing professional or an attorney who can advise you on how to arrange your particular PLLC. The additional steps required to set one up along with approval steps can make the process take a bit longer than other types of business entities. A business licensing professional can also give you advice on whether or not a PLLC would be the best entity for your particular business.

Need Help?

If you are not sure as to what legal document you currently have contact one of our professionals to help you with your planning needs. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.