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In New York, certain professions including licensed physicians, pharmacists, nurses and any professions licensed under Title Eight of the Education Law (Contact our firm to discuss list) must be incorporated as a professional service entity. Let R. Williams, P.C., your business law attorney, help you choose the correct incorporation option:
PROFESSIONAL CORPORATION (OFTEN CALLED A PC),
PROFESSIONAL LIMITED LIABILITY COMPANY (OFTEN CALLED PLLC)
REGISTERED LIMITED PARTNERSHIP
Generally, professionals CANNOT provide their services through a standard business corporation. Importantly, the professional services entity can only provide the services the professional owners are licensed to provide – for example a medical doctor can only provide medical services. In order to set up a professional services entity, approval must be obtained from the licensing authority, filing fees paid to such regulatory authority, the entity is then filed with New York State, with certified copies proving the filing then submitted to the regulatory agency. It is quite a complicated process for which legal assistance is highly recommended. Our fees, which vary according to the professional entity selected, are set forth under each professional entity type below, and include all filing fees, requisite filings with the New York Division of Corporations and the regulatory agency, the required certified copies and the company documents. Please note that the general description of each entity type is the same as for a business corporation or a limited liability company. Each package regardless of type includes the certificate of incorporation, filing receipt, organizational meeting minutes, by-laws, seal and share or membership certificates.
FEES ACCORDING TO TYPE
1. PROFESSIONAL SERVICE CORPORATION (PC)
Standard Service - our lowest price option and includes all state filing fees to the regulatory agency and the Division of Corporations as well as the certified copies which must be filed with the regulatory agency after the PC is filed. The PC is filed in approximately 8 weeks for a fee of $325.
Expedited Service – the PC is normally filed within 4 weeks. The fee is $525.
2. PROFESSIONAL SERVICE LIMITED LIABILITY COMPANY (PLLC)
Standard Service – the lowest priced option includes all state filing fees to the regulatory agency and the Division of Corporations as well as the certified copies which must be filed with the regulatory agency after the PLLC is filed (Our fees do not cover the publication requirements discussed below or the required operating agreement discussed below – SEE SPECIAL NOTE FOR PLLC). The PLLC is filed in approximately 8 weeks. The fee is $425.
Expedited Service – The PLLC is normally filed within 4 weeks. The fee is $625.
SPECIAL NOTE FOR PLLC – Please review our section on LLC formations. There are two additional requirements for a PLLC. First, there is a publication requirement. Within 120 days of filing the PLLC with the state, the PLLC must publish the notice required by law twice per week for 6 consecutive weeks in two newspapers in the county where the principal office is located in newspapers selected by the county clerk . After publication an affidavit provided by the publisher must be filed with the appropriate notice with the Division of Corporations along with the required filing fees. We can provide the requisite formatted documents for the publication for a fee of $75. You are responsible for arranging the publication and for paying the publishing fee and any additional filing fees due. We can assist in the matter for additional fees to be agreed. Second, all PLLCs must execute a written operating agreement as discussed in the LLC section. This agreement is extremely important as it states each member’s rights to profits and protects the intellectual property rights and ideas developed by the PLLC. Importantly the agreement sets forth how the PLLC will be managed by its members or managers. We can prepare a customized operating agreement for your PLLC for a fee of $75. This fee includes reasonable modifications by the members.
3. REGISTERED LIMITED LIABILITY PARTNERSHIP
This type of entity can only be filed by designated professionals. All partners are known as limited partners and they must all hold the same professional license. The same approvals are required from the regulatory agency as mentioned above as well as the required certified copy filing after the certificate establishing the Registered Limited Liability Partnership has been filed with the Division of Corporations. Our fees include all of the required filings and fees other than the publication requirement which is the same as for a PLLC.
Standard Service - $425
Expedited Service - $625
ADDITIONAL REQUIREMENTS ARE THE SAME AS FOR PLLC AND ARE OFFERED FOR THE SAME PRICE.