


Ignoring the need for regular financial reporting and analysis
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what is a pllc
- Not consulting with a tax advisor to determine the most advantageous tax structure
- Assuming that the PLLC structure will protect them from disciplinary actions by professional licensing boards
- Does forming a PLLC affect professional licensing requirements?
- Not understanding the franchise tax obligations in certain states
- What are the options for transferring ownership of a PLLC upon retirement or death?
- Not understanding the implications of personal guarantees on business loans for a PLLC
- When is a PLLC the right business structure?
- How does the growth of a professional practice impact the PLLC structure?
- Not having a clear plan for the continuation of the business after a member's departure
- Ignoring potential conflicts of interest among members before forming the PLLC
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