West Virginia Code of State Rules › Agency 11 - Medicine › Title 11 - LEGISLATIVE RULE WEST VIRGINIA BOARD OF MEDICINE › Series 11-07 - Formation And Approval Of Professional Limited Liability Companies › Section 11-7-3 - Procedures for Formation and Approval of Professional Limited Liability Companies for Physicians and Podiatrists; Fees

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. Physicians licensed to practice medicine
				and surgery in an active status in this State may join together with those
				rendering the same or compatible services to render professional services as a
				limited liability company. They shall comply with the provisions of W. Va. Code
				§
									31B-13-1301 et seq. A
				professional limited liability company may not have as a member a person who is
				not legally authorized to render the professional services for which the
				professional limited liability company was organized.
3.2. Podiatrists licensed to practice
				podiatry in an active status in this State who desire to render professional
				services as a limited liability company shall comply with the provisions of W.
				Va. Code §
									31B-13-1301 et seq.
				Podiatrists may join together with those rendering the same or compatible
				services to render professional services as a limited liability company. A
				professional limited liability company may not have as a member a person who is
				not legally authorized to render the professional services for which the
				professional limited liability company was organized.
3.3. The name of a professional limited
				liability company shall contain the words "professional limited liability
				company" or the abbreviation "P.L.L.C.", "PLLC", "Professional LLC" or
				"Professional L.L.C."
3.4. A
				professional limited liability company shall file with the Board at the time of
				formation, the names of its one or more member(s), and written documentation
				that the professional limited liability company carries at least one million
				dollars of professional liability insurance, together with an initial filing
				fee of $100. Thereafter, every professional limited liability company on an
				annual basis on or before the first day of July, shall file with the Board the
				names of its member(s), and written documentation that the professional limited
				liability company carries at least one million dollars of professional limited
				liability insurance, together with an annual renewal fee of $100.
3.4.a. The requirement under W. Va. Code
				§
										31B-13-1305
				that a professional limited liability company carry one million dollars of
				professional liability insurance is satisfied if the professional limited
				liability company provides one million dollars of funds specifically designated
				and segregated for the satisfaction of judgements against the company members
				or any of its professional or nonprofessional managers or employees arising out
				of the performance of professional services to patients or clients of the
				company, by:
3.4.a.1. Deposit in trust or in
				bank escrow of cash, bank certificates of deposit or United States treasury
				obligation; or
3.4.a.2. A bank
				letter of credit or insurance company bond.