If you are a licensed professional in New York State, protecting yourself and your business should be a primary step to solidifying your professional reputation. By establishing your business as a professional service limited liability company (PLLC), you can protect your personal assets while giving your business credibility in the eyes of banks and of your customers.
LLC vs PLLC
A limited liability company, or LLC, is a business entity designed primarily for small businesses and startups who want the advantages of a corporation without excessive regulations and oversight. LLC is a good alternative to forming a sole proprietorship or simple partnership because it protects the personal assets of the owner or owners by separating them from the company, shielding them from business debts and liabilities.
In a similar way, a professional services LLC (PLLC) protects licensed professionals by limiting personal liability for debts and other responsibilities incurred by their business. When there are multiple partners involved, a PLLC protects individual practitioners from liability for a co-partner’s negligence, error, omission, incompetency, or malfeasance. However, it does not absolve you of your own professional or personal liability for your own negligence or malpractice.
Forming Your PLLC in New York
In order to form a PLLC in the state of New York, you must fulfill several specific requirements:
- Select a unique name: It must be sufficiently unique to set it apart from other registered businesses and contain the words or letters PLLC, Professional Services Liability Company, LLC, or some variation that indicates the entity.
- Gather copies of members’ state licenses.
- File your Articles of Organization with the NY State Department Division of Corporations and pay the $200 filing fee.
- File a copy your Articles of Organization within 30 day with your state’s licensing agency.
- Within 120 days of filing, publish a copy of the Articles for six consecutive weeks in two newspapers in the county of the PLLC’s main offices.
Take the Guesswork Out of Forming Your PLLC
Getting your PLLC set up and running can be a distraction from the nuts and bolts of your professional service business. At Windsor, our professional document filing service can free you up to do what you do best, while ensuring that all requirements of forming your PLLC are fulfilled.
From filing with the state and licensing agency to fulfilling your publication requirements, Windsor has the experience and know-how to navigate the ins and outs of PLLC formation. Contact us today, and let our friendly competent staff do the footwork, so you can enjoy the benefits of operating as a PLLC.