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Introduced Version - Originating in Committee Senate Bill 555 History

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Key: Green = existing Code. Red = new code to be enacted
Senate Bill No. 555

(By Senators Wooton, Ball, Bowman, Dittmar, Fanning, Hunter, Oliverio, Ross, Schoonover, Snyder, White, Buckalew, Deem, Kimble and Scott)

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[Originating in the Committee on the Judiciary;

reported April 2, 1997.]

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A BILL to amend and reenact sections one thousand three hundred one, one thousand three hundred two, one thousand three hundred three and one thousand three hundred four, article thirteen, chapter thirty-one-b of the code of West Virginia, one thousand nine hundred thirty-one, as amended, all relating to professional limited liability companies ("PLLC"); authorizing formation of PLLCs by psychologists licensed under article twenty-one, chapter thirty of said code; specifying that persons providing compatible professional services may form PLLCs; authorizing one or more persons who may legally and ethically practice together to form PLLCs; specifying who may be members of PLLCs; authorizing ownership of limited liability companies by PLLCs; requiring reporting of names of members of PLLCs to secretary of state; and requiring certain licensing boards to allow formation of PLLCs by licensees.

Be it enacted by the Legislature of West Virginia:
That sections one thousand three hundred one, one thousand three hundred two, one thousand three hundred three and one thousand three hundred four, article thirteen, chapter thirty-one-b of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended and reenacted, all to read as follows:
ARTICLE 13. PROFESSIONAL LIMITED LIABILITY COMPANIES.
§31B-13-1301. Definitions.
As used in this article:
(1) "Licensing board" means the governing body or agency established under chapter thirty of this code which is responsible for the licensing and regulation of the practice of the profession which the professional limited liability company is organized to provide;
(2) "Professional limited liability company" means a limited liability company organized under this chapter for the purpose of rendering a professional service; and
(3) "Professional service" means the services rendered by the following professions: Attorneys-at-law under article two, physicians and podiatrists under article three, dentists under article four, optometrists under article eight, accountants under article nine, veterinarians under article ten, architects under article twelve, engineers under article thirteen, osteopathic physicians and surgeons under article fourteen, and chiropractors under article sixteen and psychologists under article twenty-one, all of chapter thirty of this code.
§31B-13-1302. Who may become a member; professional limited liability companies authorized.
(a) Two One or more persons duly licensed or otherwise legally authorized to render the same or compatible professional services or to otherwise practice together within this state may become members of a professional limited liability company under the provisions of this chapter for the purpose of rendering the same or compatible professional services. Notwithstanding any provision of this code to the contrary, including any limitation or restriction set forth in any licensing provision of chapter thirty of this code, a professional limited liability company may be formed to provide any of the professional services as defined in section one thousand three hundred one of this article.
(b) Any one or more persons who, under applicable legal or ethical rules or principles, can collectively practice the same or compatible professions, whether as general partners, joint venturers, fellow shareholders, fellow members or common business owners, may form, own and operate, as members, a professional limited liability company under this article. For purposes of this section, members of professional limited liability companies may be natural persons, professional corporations, other professional limited liability companies and professional partnerships. Professional limited liability companies may form, own and operate separate limited liability companies.
(b) (c) No professional limited liability company organized under this article shall may have as a member anyone other than a person who is duly licensed or otherwise legally authorized to render the professional services for which the professional limited liability company was organized. The names of members of professional limited liability companies who have signature authority shall be furnished to the secretary of state. Any change in the persons who have signature authority for a professional limited liability company shall be promptly reported to the secretary of state.
§31B-13-1303. Name.
The name of a professional limited liability company shall contain the words "professional limited liability company" or the abbreviation "P.L.L.C.," "PLLC," or "Professional L.L.C." or "Professional LLC."
§31B-13-1304. Duty of licensing board.
The licensing board for each of the professions authorized to form professional limited liability companies under this article shall propose legislative rules for promulgation, in accordance with the provisions of article three, chapter twenty-nine-a of this code, providing for the implementation of this article and the procedures for the formation and approval of professional limited liability companies for the particular profession under the jurisdiction of such licensing board. The rules of each licensing board shall permit the formation and approval of professional limited liability companies with members from different professions.
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(NOTE: The purpose of this bill is to allow one or more professions to form professional limited liability companies ("PLLCs"); allow licensed psychologists to form PLLCs; provide for who may be a member of a PLLC; authorizing PLLCs to own limited liability companies ("LLCs"); require the reporting of names of persons with PLLC signature authority to the Secretary of State; and to require certain licensing boards to allow licensees to form PLLCs.

Strike-throughs indicate language that would be stricken from the present law and underscoring indicates new language that would be added.)


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