Professional Limited Liability Companies
A person or group of persons licensed to render professional services may organize and become a member or members of a professional limited liability company (PLLC).
The Washington limited liability company statute specifically provides for PLLC’s. The statute makes comparisons to professional corporations, and essentially provides for the same requirements. The additional requirement under the statute is that each professional and the PLLC maintain a policy of professional liability insurance in the amount of at least one million dollars, or a greater amount as the state insurance commissioner may establish by rule for a licensed profession or for any specialty within a profession.
To determine whether the PLLC provisions apply, the statute defines “professional services” as follows:
[A]ny type of personal service to the public which requires . . . a license or other legal authorization . . . including. . . certified public accountants, chiropractors, dentists, osteopaths, physicians, podiatric physicians and surgeons, chiropodists, architects, veterinarians and attorneys at law.
For more general information regarding PLLC’s, please see the articles on sole member LLC’s, multiple member LLC’s, asset protection, etc. in this web site. For the most part, the information in those articles will apply to PLLC’s.