As a professional lawyer, you can set up your practice as a professional limited liability company. LLC lawyers must follow a certain outline to establish themselves under this entity.
The following information can help you launch your practice as a Professional Limited Liability Corporation (PLLC).
My legal team and I can also help with the formation of an LLC or PLLC. You can learn more about forming a business with our help anytime. Speak to us here: https://mollaeilaw.com.
Table of Content
LLC Lawyers – A Basic Guidelines for Setting Up a PLLC
If you wish to be part of the LLC lawyers in your state, it helps to have a checklist for setting up your professional limited liability company (PLLC). Technically, that is the correct term to use when you set up an LLC for a professional practice, such as a law firm, architectural business, or an accounting practice.
What LLC Lawyers Need to Do First
To begin the process of forming a professional limited liability corporation, LLC lawyers should choose a name for their entity. They should follow the rules of the American Bar Association (ABA) when giving their firm a name.
Naming Rules and Regulations
When creating a name, make sure the chosen name does not sound as if you are part of a governmental agency or a legal services organization. Never use a legal name that includes an attorney that holds public office or create a name that connects you with a partnership with another legal firm or an attorney.
You don’t want a name that, in any way, misleads or confuses the public. Check your state’s law firm naming rules, as every state has different parameters concerning law firm naming.
Some states, such as Georgia, Ohio, or New York, restrict the use of trade names.
LLC Lawyers: Best Practice Rules for Choosing a Name
LLC lawyers, when choosing a name for their PLLC, should consider adding the following:
- The last names of lawyers in their firm
- The practice area – such as business law, criminal defense, or bankruptcy
- Adding some form of “PLLC” in the name – this is a legal requirement
I can help you with naming your PLLC so it meets with your state’s naming requirements. Email sam@mollaeilaw.com today.
LLC Lawyers Should Check the Name Against the State’s Database
If LLC lawyers use the above naming practices, they probably will not find another law firm with a similar name. Once you have a name selected, you are ready to follow the steps needed to form your PLLC.
Again, I can help to make the process easier. Just email sam@mollaei.com to get further information on setting up your PLLC.
The Next Steps LLC Lawyers Need to Take When Setting Up a PLLC
Once a name is determined, LLC lawyers need to follow the steps below for creating a PLLC.
1. Obtain the Services of a Registered Agent
Every PLLC should have a registered agent in place to handle the required governmental correspondence for the firm. The registered agent manages and sends the correspondence and forwards it to the legal firm.
To maintain a good standing in the legal community, you should use the services of a registered agent. By taking this step, you will get notified of any pending lawsuit and avoid problems with dissolution.
Mollaei Legal Tip: It’s imperative to have a registered agent–a local person or company–manage your correspondence. Doing so will eliminate any junk mail and keep your personal and practice activities from surfacing publicly.
2. File Articles of Organization
To form your professional limited liability company, you need to complete Articles of Organization with your state. Make sure you add the following details:
- The name of your PLLC
- A description of the services your legal firm provides
- The name and address of the registered agent
- The address of you law firm, if it isn’t the same as the registered agent’s address
- Whether your PLLC will be manager-managed or member-managed
- Add the signature of the organizer
At this point, you will also need to remit the filing fee.
Processing time for this part of the formation usually averages about 30 business days, depending on where you choose to set up your PLLC. Therefore, it takes a little over a month, in most cases, to process the paperwork.
Email sam@mollaeilaw.com or to book a call to speak to us here: https://mollaeilaw.com/start
3. Draft an Operating Agreement
While you don’t need to submit an operating agreement with the state when forming a PLLC, you should have one in place so you have a solid understanding within your practice about what to do if there is an internal dispute.
Mollaei Legal Tip: When you open a business bank account, you may be asked for a copy of your Operating Agreement. Also, keep this in mind – any future managing members may want to review your operating agreement first. To operate a successful law practice, LLC Lawyers need to keep this document on hand.
How Mollaei Law Can Help LLC Lawyers Create a Successful Operating Agreement
LLC lawyers who contact Mollaei Law can get all the help they need in forming a PLLC and creating an operating agreement that will work for their practice.
Contact me at sam@mollaeilaw.com for further details today.
What an Operating Agreement Should Include
When establishing an operating agreement, I can help you with all the details your operating agreement should contain, including the following:
- Each member’s ownership holding or percentage
- Rights and responsibilities of members
- Meeting guidelines and voting powers
- Allocation of the firm’s profits and losses
- PLLC management rules and guidelines
- Provisions for buying a member out or transferring the firm’s shares in case of death or illness
As you can see, you really cannot afford not to rely on legal services when it comes to forming a PLLC. Before you launch your PLLC, contact me online at sam@mollaeilaw.com right away.
LLC Lawyers: Getting an EIN
To create a PLLC, LLC lawyers need to get an EIN or Employer Identification Number from the IRS. Basically, an EIN represents a number that is the business version of a Social Security Number (SSN).
You need this number to open a business checking account and to pay your firm’s employees. You will also need the number when filing your taxes.
LLC Lawyers and Permits and Licenses
To comply with governmental laws, locally, state-based, and federally, LLC lawyers need to check on permits and licenses. Again, you will need an attorney to review these requirements so you stay legally compliant.
Contact me at sam@mollaeilaw.com at your earliest convenience.
Given that PLLCs often must follow regulatory practices on the local, state, and federal level, you, no doubt, will need specific licenses in order to conduct business.
What To Do Next
LLC lawyers must go through a number of steps and gather specific information and documents to set up a PLLC. While you may be a talented legal professional, you still need support from a business lawyer to successfully form your PLLC.
Contact me and my legal team when you’re ready to start. All you have to do is speak to us here: https://mollaeilaw.com. Contact us now for further details.
Email sam@mollaeilaw.com or to book a call to speak to us here: https://mollaeilaw.com/start
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