Before the advent of the LLC; the corporation was the only practical entity
for the business owner. The choice was then between the S corporation
and the C corporation. Now the LLC is the third option. Most business
owners, in the past, elected the S corporation over the C corporation
because the S corporation is taxed as a proprietorship or partnership
so the profits or losses would flow directly to its stockholders. Larger
corporations normally select the C corporation because of its number and
diversity of stockholders. Now, the LLC can afford the same tax advantages
as the S corporation or C corporation and also provide you with Asset
Professionals also have organizational options. Most of our doctor, dentist,
lawyer and accountant clients prefer professional corporations (PC) or
professional associations (PA), which limits their liability in the same
way a corporation or LLC personally protects the business owner. While
the professional corporation protects the professional from the debts
of their practice; the professional corporation won’t personally
protect the professional sued for his or her own malpractice. Still, these
entities can insulate the professional from errors by other employees,
as well as from other corporate liabilities. Moreover, the professional
corporation’s assets cannot be directly claimed by the professional’s
personal creditors. Nor can the professional’s personal creditors
readily seize the professional’s stock ownership in the professional
corporation since the ownership of these entities, by regulation, usually
must be owned by only professionals from that profession.
Professional’s today cannot rely solely upon malpractice insurance
for protection. Professionals incur too many other liabilities in their
practice. They need the same sound organizational protection, as do business owners.
Contact The Presser Law Firm. P.A. for a complimentary preliminary consultation.
The Presser Law Firm, P.A.
6199 N. Federal Highway, Boca Raton FL 33487
(561) 953-1050 or e-mail Info@AssetProtectionAttorneys.com