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A professional limited liability company (usually shortened as PLLC, P.L.L.C., or P.L., sometimes PLC, standing for professional limited company – not to be confused with public limited company) is a limited liability company organized for the purpose of
The articles of organization document typically includes the name of the LLC, the type of legal structure (e.g. limited liability company, professional limited liability company, series LLC), the registered agent, whether the LLC is managed by members or managers, the effective date, the duration (perpetual by default in most states), and the ...
Unlike a traditional corporation, operation as a professional corporation does not insulate a professional for personal liability for her own negligence or malpractice. The principal reason why groups of professions choose to organize as a professional corporation is that, unlike a general partnership , an owner is not personally liable for the ...
Private Limited Company: Liability, limited by shares; Name, cannot be deceptively similar to another registered company; Management, at least 1 director; Shareholders, limited to 1–50 excluding persons who are employed by company, prohibition against any invitation to the public to subscribe for shares; Founders, 1–50; Nationality ...
Limited liability company, in which the attorney-owners are called "members" but are not directly liable to third party creditors of the law firm (prohibited as against public policy in many jurisdictions but allowed in others in the form of a "Professional Limited Liability Company" or "PLLC"); Professional association, which operates ...
Limited liability is a legal status in which a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a corporation, company, or joint venture. If a company that provides limited liability to its investors is sued, then the claimants are generally entitled to collect only against the assets ...
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