You must take the same actions as you would to create a standard LLC in order to create a PLLC in Florida. Your company must have a distinctive name, and you must submit Articles of Organization to the Florida Division of Corporations. Your Articles of Organization must, however, also contain a statement stating that your company is a PLLC. You must also fulfill all other requirements for your profession and acquire any required professional licenses.
The liability protection provided by a PLLC is its main advantage. Similar to an LLC, a PLLC offers its owners limited liability protection, which means that, usually speaking, their personal assets are shielded from corporate debts and liabilities. This is crucial for licensed professionals who can be the target of malpractice lawsuits or other legal problems stemming from their line of business.
A PLLC’s ability to help licensed professionals create a legal organization while still adhering to industry rules is another advantage. For instance, the Florida Board of Accountancy mandates that in order to be in accordance with state law, licensed CPAs must operate as a PLLC or a professional corporation (PC).
If a PLLC satisfies the conditions, it may elect to be taxed as a S corporation. The PLLC must fulfill specific requirements, such as having 100 shareholders or fewer and only one class of stock, in order to do this, including filing Form 2553 with the IRS. How Can I Convert My LLC in Florida to a PLLC?
You must file Articles of Conversion with the Florida Division of Corporations if you already have an LLC in Florida and wish to convert it to a PLLC. You must also comply with all rules pertaining to your profession and update any required company permits.
In order to shield themselves from responsibility and ensure regulatory compliance, Florida’s licensed professionals can create a PLLC. Similar to founding a conventional LLC, forming a PLLC has some additional requirements specific to the profession. If a PLLC satisfies certain requirements, it may also decide to be taxed as a S corporation. You must submit Articles of Conversion to the state if you already have an LLC and want to change it to a PLLC.
Florida does permit the establishment of a general purpose LLC.
In Florida, it is possible to set up a medical practice as a Professional Limited Liability Company (PLLC). The proprietors of this kind of business are protected from responsibility and are still able to practice their professions. However, there are particular rules and guidelines that must be adhered to while setting up and running a PLLC in Florida. These rules and guidelines include getting a certificate of registration from the Florida Department of State and abiding by the state’s laws governing professional licensure. It is advised to seek advice from a legal or financial expert before creating a PLLC in Florida.