Guide to Starting and Operating a Small Business | 2018 Guide to Starting and Operating a Small Business - Page 26

Professional Service Corporation or Professional Limited Liability Company A professional service corporation (“PC”) is a corporation formed for the purpose of engaging in certain licensed professions (sometimes referred to as “learned professions”) such as law, medicine and architecture. A Professional Limited Liability Company (“PLC”) is an LLC formed for the same purpose. All shareholders or members of a Professional entity must be licensed professionals, so for example, if a law firm is a PC or PLC, all shareholders of the PC or PLCmust be licensed attorneys. A PC is created by filing Articles of Incorporation with the Michigan Department of Licensing and Regulatory Affairs (LARA) and a PLC is created by filing Articles of Organization along with the appropriate fee. The entity will also be responsible for paying an annual fee with LARA to continue its existence as well as provide a list of equity holders and attest that all are licensed professionals. For more information on filing documents for a limited partnership, corporation or Limited Liability Company please go to www.michigan.gov/lara or call 517-241-6470 24