PLLC or LLC when starting business?

nightingale, RN · Oct 14, 2006

I am not familiar with PLLC. It depends on the State and what you have avialable. I would read the verbage for your State and see what applies. Also, look at what our competitor uses.

I recently started connecting (again) with the local Chamber of Commerce in the new town I moved to a few years ago. It is amazing how helpful groups are. YOU can learn a lot from the networking groups.

Good luck to you and let us know how you are doing.

seattledeb, RN · Nov 8, 2006

several of the lnc's in my area have chosen to become a pllc and i am also looking at this route. an llc does offer some limited protection of personal assets which is the difference between that and an s-corp. and changing later from s-corp to llc is more money and complication, so i am choosing this route up front. of course, i have yet to meet with my tax attorney on this with my own questions, but getting all the forms and questions prepared beforhand. go to your state government business licensing website to find your guidelines, here is the wa state definition:

"a professional service corporation or pllc is intended for doctors, lawyers, dentists, architects, and other professionals who must have a license to engage in their work. some professions are required to form professional service corporations if they are going to provide services through a corporation. we suggest that you review rcw 18.100.050, rcw 25.15.045 for pllc's as well as the licensing rules governing your profession. it is a very good idea to consult with legal counsel. "

http://www.secstate.wa.gov/corps/faq.aspx

nightingale, RN · Nov 8, 2006

Talking with your CPA is invaluable to setting up your entity. For example, when setting up my LLC I do have the option, here in Colorado, to use the S Chapter status. The S Status with the LLC works much like an S Corp. One advantage is that I can then claim losses for the year. The disadvantage is that with the S Chapter Status you have to pay a salary to yourself. This is an example of the complaint for double taxing. I learned this through discussing the pros and cons with my CPA.

I found my CPA through networking with a group through the local Chamber of Commerce. I learned of other tax information by going through a free service through the small business support service in town. Most towns have some sort of free or inexpensive support system for small business.

Small Business or Entrepreneurship is well supported in most communities. I hope you decide to tap into what is available in your community. I hope you also check in here, at allNurses, and let us know how you are doing.

We learn so much from each other. Let's keep the conversation alive