NYS licensed professionals frequently turn to CPAs for guidance when launching a private practice or firm, yet New York?s professional-entity rules create legal traps that tax advice alone cannot solve. This session equips CPAs with a clear, working understanding of PLLCs, PCs, LLPs, and related compliance requirements, including ownership restrictions and regulatory oversight by the NYS Education Department and the NYS Department of State. Attendees will leave better prepared to spot notable issues early, reduce client risk, and collaborate effectively with attorneys during the formation process.
Learning Objectives
- Upon completion of this form, you'll be able to:
- Differentiate between PLLCs, PCs, LLPs, and traditional business entities under New York law as they apply to licensed professionals.
- Identify the key formation, filing, and approval requirements involving the NYS Department of State and NYS Education Department.
- Recognize ownership and governance restrictions that impact entity selection, succession planning, and practice/firm expansion.
- Evaluate how entity structure affects liability exposure and malpractice risk for professional practice clients.
Major Topics
- Comparing Professional vs. Non-Professional Entities (e.g. PLLC vs. LLC)
- Formation & Filing Requirements in New York (PCs, PLLCs, LLPs) + Dynamic Between NYS Education Department & NYS Department of State
- Ownership Restrictions & Governance Rules 9:
- Liability Exposure & Malpractice Considerations for Licensed Professional
