Massachusetts Professional Limited Liability Company PLLC Formation Package for Licensed Professionals Massachusetts
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People also ask
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What is the advantage of a PLLC over an LLC?
PLLCs offer licensed professionals like doctors, lawyers, and accountants extra protection from malpractice lawsuits. Since PLLC members are responsible for their own malpractice insurance, your personal assets are shielded if a claim is filed. With a standard LLC, your personal assets could be at risk.
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How much does it cost to form an LLC in Massachusetts?
The costs to start an LLC in Massachusetts are signNow. LLCs pay a $500 formation fee and $500 annual report fee. Most corporations pay only $275 to get started then $125 per year. Massachusetts registered agent and resident agent are synonymous.
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What does PLLC mean after a business name?
PLLC stands for professional limited liability company, which is similar to a regular LLC, or limited liability company. The main difference is there are requirements and restrictions that limit the formation of a PLLC to a business that provides a “professional service.”
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How to file PLLC in Massachusetts?
To update your Massachusetts LLC's Certificate of Organization, you'll need to file an Certificate of Amendment form with the Massachusetts Secretary of the Commonwealth, Corporations Division. You can file your Certificate of Amendment for $100.
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What states don't recognize PLLC?
States that don't recognize PLLCs: Alaska. Alabama. California. Connecticut. Delaware. Georgia. Hawaii. Illinois.
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What is the difference between a PLLC and an LLC in Massachusetts?
While an LLC and PLLC both provide personal limited liability protection, a PLLC will not protect you from claims of malpractice or wrongdoing. However, a benefit of a PLLC is that the wrongdoing of one individual member does not create liability for other members.
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Does Massachusetts allow PLLC?
More generally, any person who's required by state law to have a Massachusetts license before providing services should be able to form a Massachusetts PLLC for those services, as long as your profession's rules allow for it.
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What is the advantage of a PLLC over an LLC?
PLLCs offer licensed professionals like doctors, lawyers, and accountants extra protection from malpractice lawsuits. Since PLLC members are responsible for their own malpractice insurance, your personal assets are shielded if a claim is filed. With a standard LLC, your personal assets could be at risk.
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