Professional Limited Liability Companies in Pennsylvania
Restricted LLC: LLCs performing specific professional services are required under Pennsylvania law to register as a restricted professional company. The list of restricted professional services includes chiropractic, dentistry, medicine, surgery, optometry, osteopathic medicine, podiatric medicine, public accounting, psychology, veterinary medicine, and law.
Requirements for Setting Up a Restricted Professional LLC in Pennsylvania
- File a certificate of organization with a statement describing the restricted services offered
- Create an operating agreement
- Obtain any required licenses or permits
Dissolving a Pennsylvania Professional LLC
- Complete the Certificate of Dissolution form
- Pay a $70 fee
- Obtain a Tax Clearance Certificate
General Information about Professional Limited Liability Companies in Pennsylvania
In Pennsylvania, around 40 professions like lawyers, architects, engineers, surgeons, chiropractors, etc. must form a restricted professional company LLC to provide professional services. All members must be licensed professionals in that field.
Pennsylvania Professional Limited Liability Companies (PLLCs)
On the surface, LLCs and PLLCs seem very similar. So what is a PLLC? A PLLC protects personal assets, enables pass-through taxation, and separates personal and professional assets to avoid paying taxes on your business.
Requirements for Forming a PLLC in Pennsylvania
Licensed professionals are required to form a PLLC if they intend to open their practice. A professional LLC is available only to licensed individuals that offer services specific to their profession, such as attorneys, medical professionals, or accountants.
Additional Information About PLLCs
We also recommend speaking to attorneys to discuss whether you need a PLLC, LLC, or another type of entity.
Conclusion
A PLLC offers tax benefits and limited liability for licensed professionals. Learn how you can form one.