Will the New York Department of State Division of Corporations (and Unincorporated Entities) finally fix the administrative bottleneck, that burdens New York PLLC and P.C. formations?

John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

 

Kiritsis Law Group  

212 922 0005

 

A PLLC is an LLC reserved for licensed professionals like lawyers, accountants, and engineers. This type of LLC offers these professionals protection from personal liability for actions taken within the scope of their professional duties. A PLLC has all of the benefits of an LLC. 

 

A Professional Corporation is similar to a standard corporation, the only difference being that only professionals can be shareholders. This type of corporation is often used by professionals such as lawyers and doctors, who want to enjoy the benefits of incorporation while still maintaining control over their business. There are two main types of corporations: C-corporations and S-corporations. C-corporations are the most common type of corporation. They are characterized by having their own legal existence, meaning they can enter into contracts, own property, and hire employees. S-corporations are smaller and more flexible, and they are not subject to the same level of taxation as C-corporations.

 

If you plan on being actively involved in your business and keeping it below 100 members, it might be a good idea to form your business as a PLLC. This will allow you to have more control over your business and keep it more intimate.

 

 

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The views expressed by this author are not legally binding or reflective of the author, the author’s firm, the author’s employers, the author’s employees, or any individual and/or organization.