What is the difference between an LLC and a PLLC in Washington State?
Taken from http://www.irs.gov/businesses/small/article/0,,id=98277,00.html, “Limited Liability Company (LLC) A Limited Liability Company (LLC) is a relatively new business structure allowed by state statute. LLCs are popular because, similar to a corporation, owners have limited personal liability for the debts and actions of the LLC. Other features of LLCs are more like a partnership, providing management flexibility and the benefit of pass-through taxation. Owners of an LLC are called members. Since most states do not restrict ownership, members may include individuals, corporations, other LLCs and foreign entities. There is no maximum number of members. Most states also permit “single member” LLCs, those having only one owner. A few types of businesses generally cannot be LLCs, such as banks and insurance companies. Check your state’s requirements and the federal tax regulations for further
Related Questions
- Is this statement required for the year the LLC or PLLC was organized (domestic) or qualified to transact business in Michigan (foreign)?
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- What is the difference between an LLC and a PLLC in Washington State?
