 |
New Articles |
Professional Limited Liability CompanyThe limited liability company is often cited for its flexibility, but there are some significant limits. This is particularly true with a professional limited liability company. What is a professional limited liability company? Each state handles it a bit differently. Generally, it is a company devoted to a professional practice such as accounting, law or medicine. Only licensed professionals can be owners of the entity. In many states, the entity provides protection against liability excluding malpractice claims. You will note this is a very general discussion. This is because California does not allow for the creation or use of a professional limited liability company. In fact, licensed professionals have to go with one of two business entity choices - the professional corporation or limited liability partnership. The professional LLC is a great idea, but not if you are practicing in California where such an entity simply is not allowed to exist. ******************************** The above discussion is intended to be a general commentary on legal issues. Each situation is different and this article is not intended as legal advice for your specific situation. Further, nothing in this article is intended to create an attorney-client relationship. If you have additional questions, please contact me. |
