Overview of PLLCs in Virginia
Virginia recognizes Professional Limited Liability Companies (PLLCs) governed by the Virginia Professional Limited Liability Company Act. Designated for licensed professionals like lawyers, doctors, accountants, architects, etc.
- A unique name with PLLC status
- Appoint a registered agent
- Submit articles of organization and pay fees
- Licensed member(s) verified by the state licensing board
Key Differences and Advantages of Virginia PLLCs
- Personal liability for professional malpractice
- Flexibility in management and taxation
- Ability to raise capital through investments
- Simplicity in operation
How to Form a Virginia PLLC
- Decide on a unique name
- Designate a registered agent
- Verify each owner’s professional license with the state licensing board
Advantages of Virginia PLLCs over Other Business Structures
- Personal asset protection
- Flexibility in management and taxation
- Ability to raise capital through investment
Operating Agreement for Virginia PLLCs:
- Formed by individuals providing licensed professional services
- State licensing boards may require prior approval