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How to Start a Professional Limited Liability Company

How to Start a Professional Limited Liability Company

Do you have a passion for medicine, architecture, real estate, or any other licensed profession? Are you ready to turn that passion into a business of your own? If so, then you need to know how to start a professional limited liability company.

The laws you need to navigate are a bit different than those involved in LLC formation. Let’s dig into those differences and detail the process.

Step 1: Become a Licensed Professional

In order to start a professional limited liability company, you need to be a licensed professional. Different states have statutes about what professions can form these entities, or even if they exist at all. So, make sure to research your state’s laws regarding PLLCs before you get started.

Step 2: Get Approval from the State Licensing Board

In states that recognize and allow the formation of PLLCs, you must gain the approval of the relevant licensing board. Doctors need the approval of state medical boards and lawyers must take the matter up with the bar association.

Step 3: Name Your Company

Once you have the approval of the relevant licensing boards, it’s time for the next major step. If you want to start a company, you have to have a name. Again, you’ll need to check your state’s statutes and regulations to determine what names you’re allowed to give your business.

Certain states will require your PLLC designation to be listed in your company’s name.

Step 4: File Your Formation Documents

After you’ve named your company, you’ll need to file the formation documents with the state. States may also call these documents “certificates of formation” or “articles of organization”. Either way, you have to file those with the Secretary of State.

Step 5: Draw an Operating Agreement

With a professional limited liability company formed and official, it’s time to settle your internal affairs. This will require drawing an operating agreement that determines how the members of the business will split their profits. Drawing up llc operating agreements can be a tricky process, so don’t hesitate to ask for outside help.

Step 6: Protect Yourself from Malpractice

A PLLC helps protect your assets from seizure if you get sued for general reasons. It does not, however, save you from the consequences of negligence or malpractice. That’s why it’s important for you to purchase malpractice insurance and protect yourself.

Step 7: Profit from Your New Professional Limited Liability Company

Once you’ve completed all the previous steps, you’ve gone from LLC formation to profit. All you need to focus on is marketing your new business and reaching as many customers as possible. Whether that involves social media marketing, developing a new website, or a print advertising campaign is up to your discretion.

Looking for More Tips to Start a Company?

We hope you found this guide to forming a professional limited liability company helpful. If you want more tips to help you start a company of your own, then give the Business section of our blog a once-over. We update it each day with more informative articles like this one.

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