LLPs, PLLCs (professional limited liability companies), LLCs and LLPs all have similar tax rules, while PCs (professional corporations) are a little more liberal. The liability exposure is often (but not always) different for PCs, depending on the laws in your state. PCs may not offer any protection from a co-owner’s malpractice.
No business structure is able to protect you from the liability of your own malpractice, although the other entity structures mentioned above (LLP, PLLC, LLC and LLP) do offer you protection from the malpractice of co-owners in the firm, and possibly other debts. Check with your attorney or our office about the availability of these business structures for professionals in your state.
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