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Professional Associations vs. Limited Liability Companies

When forming a business and figuring out all of the legalities involved you will need to have some knowledge pertaining to the different types of entities you can form and how each on works differently. Talking to an attorney at Robinson, Seiler & Anderson in Utah County will help you to decide which entity set-up would work best for you and your situation. To shed a little light on Professional Associations vs. Limited Liability Companies we have provided some of the basics of each for you below.

 

Professional Associations

A PA is a professional entity formed for the purpose of providing a professional service. Typically, the people who own and govern the PA must be licensed in the profession in which the business is engaged. Some states limit the availability of this business entity to very specific professions, such as medical doctors, veterinarians and architects. Similar to Corporations, some state require that you have a board of directors in place and the entity itself will be formed to outlive its members.

 

Limited Liability Company

An LLC is a more common and flexible business entity that is not restricted to any specific profession. In an LLC, the owners are not personally liable for the debts of the business, much like a corporation. LLC’s also don’t require a board of directors. Income for an LLC "passes through" to the owners, meaning that there is no corporate tax, and the income is taxed only once. You can choose to have either a single-member LLC or a multi-member LLC. It all depends on how you want to divide your ownership and assets.

 

Start the Process

Now that you have an idea of what kind of business entity you will need to form for your business needs you can begin the formation process. The first step is to contact the attorneys at Robinson, Seiler & Anderson in Utah County. They can walk you through the structure you need and help you with putting together the necessary paperwork needed for each state. Call us today to schedule a consultation so we can help you get the process started.

View Our Testimonials Announcement

Norman H. Jackson, Utah Court of Appeals Judge, Retired, has joined the law firm of Robinson, Seiler & Anderson, LC, effective April 2017.  Judge Jackson was one of the seven founding Judges of the Utah Court of Appeals and served terms as Presiding and Associate Presiding Judge.
 
Judge Jackson was the senior attorney in a Richfield law firm for eighteen years.  The firm engaged in legal, business and tax cases, including practice before State and Federal Courts, U.S. Board of Land Appeals, Utah Public Service Commission and Arizona Corporation Commission.  Clients included counties, cities, banks department stores, communications and credit associations, irrigation companies, auto dealers, building supply stores, farmers, ranchers and small businesses. They took “every type of case that came through the door,” from criminal defense work to a patent royalty dispute for the inventor of the Frisbee. Judge Jackson has been a lifetime rancher doing business in Utah as Jackson Cattle Company and Arizona as EJ Cattle Ranches.
 
Judge Jackson’s professional service includes terms on the Utah State Bar Commission, Bar Foundation (President and Vice President), Air Travel Commission, and Utah Information Technology Commission.  He served on the Judiciary’s Alternate Dispute Resolution Committee for thirteen years and initiated and supervised the Appellate Court Mediation Office.  He developed and advanced a realistic and workable framework for both of Utah’s Appellate Courts to use in reviewing trial court and administrative agency decisions.  He published three editions of Utah Standards of Appellate Review while participating in more than 2,000 appellate court decisions.  
 
Judge Jackson’s experience will complement the other outstanding lawyers at Robinson, Seiler & Anderson, LC.  The firm will continue its representation of injured individuals, as well as clients in real estate, business, estate planning, tax, contract and education matters.
 

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