November 23rd, 2010 
jvremec
Forming a Professional Limited Liability Company
Author: Stephen L. Nelson, CPA
Limited liability companies offer small businesses and their owners a wonderful way to minimize liability and their taxes. But the rules for when and how a professional forms a limited liability company are complicated. To make the process smoother and less burdensome, use these tips:
State law determines whether individuals and firms practicing your particular profession in your state can form a limited liability company, or LLC.
State law also determines whether people in your profession need to form a regular limited liability company or a professional limited liability company.
Accordingly, the first step in forming an LLC is to determine whether you even can form a limited liability company and (if you can) whether you need to form regular LLC or professional LLC.
You should be able to determine this by calling the state agency or affiliated organization that grants your professional license. For example, if you’re an attorney, you probably call the state bar association. And if you’re a certified public accountant, you probably call the state board of accountancy.
Note: You can also look at what other professionals–doctors, dentists, and so forth–in your state do. But be careful about assuming that what other people are doing is correct. Sloppy professionals (sadly) regularly form an LLC when by law they’re supposed to form a PLLC. This mistake, by the way, probably destroys the liability protection that the LLC offers.
Tip #2: Clearly Identify Your LLC as a Professional Limited Liability Company
Typically, you form a professional limited liability company in the same way as you form an LLC. You simply file articles of organization or articles of formation with the secretary of state.
One difference between forming a professional limited liability company and forming a regular limited liability company concerns the name, however. Any limited liability company needs to clearly identify itself as a “limited liability” entity.
A regular LLC needs to clearly and plainly identify itself using an acronym like “LLC” as part of the entity name, for example. Or by using a phrase like, “limited liability company,” as part of the name.
Naming a professional limited liability company works similarly–but you need to use an appropriate professional LLC acronym or phrase. In most states, the acronym PLLC works. However, all states that allow professional limited liability companies also let you use other acronyms and phrases, such as “Professional Limited Liability Company,” “Professional Limited Liability Co.,” or the abbreviation “P.L.L.C.”
Tip #3: Verify LLC Owners Hold Appropriate Professional Licenses
A quick, probably obvious point: In general, the owners of a professional limited liability company need to hold appropriate professional licenses to be members in the professional LLC.
For example, a PLLC that practices public accounting needs its owners to hold professional licenses to practice public accounting. A PLLC that practices law needs its owners to be members of the state bar.
Note: In same states for some professions, a PLLC may be able to have minority owners who don’t hold professional licenses. Check with the appropriate state agency for more information.
Tip #4: Verify You Follow Any Other Naming Rules for Your Profession
In same states for same professions, the licensing state agency also has other naming requirements for professional limited liability companies. For example, the name of the individual professional or professionals may need to be used in the PLLC name.
You’ll want to check out this possibility for your state for your profession–and then (obviously) follow the rules prescribed.
Tip #5: Secure Professional Liability Insurance, If Required
A final and often missed PLLC setup step needs to be considered–the step of securing professional liability insurance.
Some states require that professional limited liability companies acquire a professional liability insurance policy, bond or other evidence of financial responsibility in order to get liability protection from the PLLC form. The professional limited liability company, for example, might commonly be required to obtain and maintain at least one million dollars of insurance or bonding coverage.
Article Source: http://www.articlesbase.com/small-business-articles/forming-a-professional-limited-liability-company-550656.html
About the Author
CPA Stephen L. Nelson edits the S corporation web site and has written incorporation kits for Florida incorporation and Texas incorporation. He holds MS in tax.
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Two part question about computer programming?
From what I see, everybody is into computer programming. My first question is this… Will it be worthwhile to go to school to become a computer programmer? When I graduate, will I have a guaranteed job? (I know there are no guarantees, but I mean the same kind of guarantee a schoolteacher would have. Teachers pretty much have guaranteed jobs). Or are computer programmers a dime a dozen and I will have to claw my way into a job?
Second question is this. What development environment do professional companies use to program top of the line games using C++? (i.e. Microsoft Visual C++)
And hey, when I graduate… Can any of you offer me a job – preferably in the southwest (from California to Texas)? O.K. so it is a three part question!
There are no guarantees. I find that interpersonal skills – particularly one’s ability to sell oneself – are a better predictor of finding employment than any technical skill. I have worked in the computer industry for about a decade now, and my father has been in the industry for about 30 years – and in both our cases there have been times when we were out of work for lengthy periods of time. On the other hand, it has – for the most part – lead to earning a good living.
Game development these days seems to be largely done in Visual Studio. I’m not sure if C++ is going to still be the standard by the time you finish a degree. The Java people are still trying to make inroads (that’s what they teach in school these days), and Microsoft seem to be pushing C# instead.
In general, working in the game industry isn’t what it is cut out to be. Think long working hours, high stress, and lower than average pay.
As far as jobs go, my company is mostly in Canada!
best way to get a paralegal certification?
Does anyone know if the Professional Development Institute(PDI) is a good institution to get certified as a Paralegal and if not what institutions you recommend in the Dallas, Texas area. Also, I would love to work as a corporate or IP Paralegal any advice on how to make this happen, as I do not have experience in these areas of law but I have experience in family, immigration and criminal law.
I’d check out one of these professional organizations to be sure you pick a training program that is approved of by the American Bar Association:
1) For information on the Certified Legal Assistant exam, schools that offer training programs in a specific State, and standards and guidelines for paralegals, contact:
National Association of Legal Assistants, Inc., 1516 South Boston St., Suite 200, Tulsa, OK 74119.
Internet: http://www.nala.org
2) Information on a career as a paralegal, schools that offer training programs, job postings for paralegals, the Paralegal Advanced Competency Exam, and local paralegal associations can be obtained from: National Federation of Paralegal Associations, 2517 Eastlake Ave. East, Suite 200, Seattle, WA 98102.
Internet: http://www.paralegals.org
3) Information on paralegal training programs, including the pamphlet How to Choose a Paralegal Education Program, may be obtained from:
American Association for Paralegal Education, 19 Mantua Rd., Mt. Royal, NJ 08061. Internet: http://www.aafpe.org
Here’s more info about job outlook, wages, and qualifications needed from the US Dept of Labor: http://www.bls.gov/oco/ocos114.htm
Good luck!
What do you think about professional athletes that go back to earn / finish their degree?
Most would consider it odd for a millionare to care, but I think it’s absolutely AMAZING!!
Titans’ Young, others are back at Texas
12:55 AM CST on Saturday, January 26, 2008
By CHIP BROWN / The Dallas Morning News
chipbrown@dallasnews.com
AUSTIN – Former Texas quarterback Vince Young of the Tennessee Titans and former UT defensive backs Cedric Griffin of the Minnesota Vikings and Michael Griffin of the Tennessee Titans are back in school for the spring semester working toward their degree, UT officials said Friday.
Young’s marketing manager, Mike Mu, told The Associated Press that Young is in the process of changing his major to education and early child development. Young is taking 15 credit hours this semester and may be close enough to finish with a couple online courses after that, Mu said.
I think it’s fantastic. At least some of them recognize they are setting the example for a whole generation of youngsters who are growing up watching their every move. Sure they earn a fortune in the few years they play pro sports. But only the smart ones recognize that they’ll need additional income to support the lifestyle to which they and their families have become accustomed. More power to them! I hope more athletes follow their example.
I am having writers block and could use some help.?
My essay has to be 500 words and i am still 67 words short. It also has to be in third person. it is about my dream job and that i have graduated and the y are putting in a news paper. So it has to be professional. There are some things that i need to add more details but i am having writers block and it has been awhile since i have been school.
Here is my paper:
Child Study Center is a non-profit agency located in Forth Worth, Texas. We are happy for Mandy Doyal to be joining our team of wonderful Child Psychologists. She possesses excellent organizational, writing, and interpersonal skills. With her qualifications we would like her to be in charge of doing our children’s psychological evaluations.
At the age of 29 Mandy was on her way of great success and doing the one thing she loved. Her husband and two children were more than welcome to join her on this journey. When she is not working, doing her internship, and spending time with her children. She loves spending her time volunteering at the Texas Children’s Hospital. Working with children is one of her passion’s in life. That is one of the reasons we look forward to having her with us.
She graduated Sam Rayburn High School in 2002 with a 4.0 GPA, class valedictorian, and apart of The National Honor Society. When she decided that she wanted to become a Child Psychologist is was time to pick her college. Kaplan University had everything she needed to take online classes and spend time with her family. Mandy would be getting her Bachelors of Psychology in Science-Child Development. While at Kaplan she worked very hard to keep up her grades. She also joined our Collegiate Entrepreneurs’ Organization this inspires are college students to be entrepreneurial and seek opportunities through enterprise .With her drive and determination she had a 4.0 GPA and was also apart of Alpha Beta Kappa Honor Society.
She volunteered a lot at Texas Children’s Hospital and they saw that she was good at what she did. Her passion for working with children. They offered for her an internship. She was more than excited to be apart of their team. Her internship with Texas Children’s Hospital has uniquely prepared her to work with people who have a wide variety of psychological issues. She did her internship with Texas Children’s Hospital for a year and a half. She soon started looking for a job, a place where she could call her career. She applied at many different places like Hospitals, Schools, and private owned companies. But the one that she wanted to get was working with Child Study Center.
She started working with the Child Study Center not long after her internship at Texas Children’s Hospital. Mandy will become our new Child Psychologist, and will be working with many varieties of children. With her volunteering, and her internship at Texas Children’s Hospital. She is more than qualified and we are looking forward to her becoming apart of our family.
In the first paragraph you are saying that we are happy that Mandy is joining, then at the end of that paragraph you say we would like. That just confuses me.
Um i dont think you should mention the childrens hospital thing after you speak of yr children and then in the next paragraph.
Harris County Permits?
We have received the following instructions from the Harris county permits department how much does it cost to get this done? What does it mean?
Our property is in the 1% floodplain they want 2 sets site specific foundation drawings for the development sealed and signed by a Texas Registered Professional Engineer. Foundation drawings should include flood plain datum. Base Flood Elevation, Benchmark, etc. (see attached notes)