Yorkville PLLC Business Formation Attorney

Business Formation Lawyer for Professional Limited Liability Companies

Business owners may use multiple different strategies for asset protection and wealth preservation, ensuring that they will be able to keep their property, financial funds, and other assets from being lost to creditors, lawsuits, or other issues. This will also allow them to transfer assets to their family members or other beneficiaries while minimizing the taxes that may need to be paid. While the formation of an LLC is often a good asset protection strategy, certain types of professionals may need to address additional legal issues when doing so. When creating a PLLC, a person and their family will need to understand their options and the steps they can take to protect their assets.

At Gateville Law Firm, we advise families, business owners, professionals, and others on the asset protection strategies that are available to them, ensuring that they understand how they can preserve the wealth they have accumulated and pass it on to future generations. In addition to providing guidance related to estate planning and legacy planning, we can assist with the formation of a PLLC, ensuring that all the necessary steps are taken to protect the interests of our clients and their loved ones.

Asset Protection and PLLCs

LLCs provide protection against liability, meaning that the owners will not be held personally responsible for any debts or damages that may be incurred by the company. This asset protection is one of the main reasons that LLCs are so popular among small business owners. However, certain types of professionals may not be fully protected from liability due to the nature of the services they provide. For example, doctors may be held personally liable for injuries or damages that occur due to medical malpractice. Because of this, a professional may need to create a special type of LLC known as a professional limited liability company, or PLLC. A PLLC will provide one member with protection from debts related to malpractice by another member, but a member will be liable for any malpractice that they are responsible for.

To ensure that their assets are properly protected, professionals may need to take additional steps. These may include setting up additional LLCs to hold "dangerous" assets that could lead to liability claims, such as vehicles or real estate, as well as other business assets such as tools or equipment used by a professional. This may help protect a professional and their practice against liability, while also ensuring that valuable assets used by a business will not be at risk if a professional is held personally liable for certain types of debts. Asset protection trusts may also be used to protect a professional's personal assets, such as their home.

By understanding the best ways to structure a PLLC, other LLCs related to a professional practice, and family LLCs used to transfer assets to beneficiaries, professionals can make sure they avoid liability issues and are prepared to address any financial concerns they may face in the future. Business succession plans may also be created to ensure that these businesses can continue operating in the event of a professional's retirement or death, and families will also be able to address issues related to a business in a way that minimizes estate taxes, gift taxes, or other types of taxes.

Contact a Yorkville PLLC Formation Attorney

If you are a licensed professional who wants to ensure that you have taken the correct steps to protect your assets and pass your wealth to your children or other loved ones, Gateville Law Firm can provide the guidance you need. We will advise you on the best ways to structure your practice and create other entities and legal agreements for the purposes of asset protection and wealth preservation. To learn more about how we can help you address concerns related to your assets and your estate, contact us at 630-780-1034 and schedule a free consultation.