Professional Limited Liability Companies (PLLCs) in New York State. Kiritsis Law Group 212 922 0005

Apr 18, 2021

PLLCs are a relatively new, yet firmly rooted concept in the laws of business organizations association associations in the United States. PLLCs in a nutshell, are a way for a business organization, which is owned and/or managed by certain licensed professionals to operate their enterprise, in a way similar to an LLC. There still may be small and an ever shrinking number of professions which may prohibit, disallow and/or disfavor the use of PLLC entity type structures. PLLCs in New York are still subject to similar newspaper publication requirements plaguing regular LLCs. Similar to LLCs, a PLLC may be set up to be an incredibly flexible organization type for tax purposes. Depending on the circumstances and choices made, a PLLC may be taxed like a Corporation, a Partnership or a Disregarded Entity.

 

Sources:

New York Business Corporation Law

New York Limited Liability Company

New York General Obligations Law

NYS Office of Professions

U.S. Constitution

 

Whether you are a new business startup or a well-established company, our law firm can help you with all of your business law legal needs. For a free consultation, you can call us at 212 922 0005.

 

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