SB3398 Summary

• Creates the Professional Limited Liability Company Act allowing individuals licensed by the Department of Financial and Professional Regulation to form professional LLCs to provide licensed professional services.

• Establishes registration requirements and $50 initial fee for professional LLCs, with $40 renewal fees every three years starting January 1, 2019.

• Removes restrictions in the Limited Liability Company Act that previously prohibited certain professions (dentistry, medicine, real estate, psychology, social work, etc.) from forming standard LLCs, redirecting them to the professional LLC structure instead.

• Allows limited liability companies providing professional services licensed by DFPR to convert to professional LLC status without conversion fees.

• Requires professional LLC names to include "professional limited liability company," "P.L.L.C.," or "PLLC" and specifies licensing requirements for members and managers based on the professional service being provided.