What is a Professional Limited Liability Company?

A Professional Limited Liability Company (PLLC) is a specific type of limited liability company designed for licensed professionals, such as doctors, lawyers, and Accountants. It offers the same liability protection as a standard LLC, shielding members from personal liability for the company's debts and obligations. However, members of a PLLC must be licensed in the profession for which the company is formed. This structure allows professionals to collaborate while maintaining liability protection and compliance with regulatory requirements.