Lawyer: LLC or no for my solo practice?
December 13, 2010 1:02 PM Subscribe
Lawyer people: I am a lawyer licensed in Illinois and have started to do some solo practice work. Do I need to form a LLC? Why?
posted by anonymous to Law & Government (16 answers total) 2 users marked this as a favorite
I have started to do odds and ends with an eye toward running my own small practice, particularly as doing doc review projects is not what I go into this for and the job market is horrible.
I have a freshly pressed real estate broker license and plan to sell residential real estate and have a small real estate focused law practice out of my house so I can pay the mortgage and be available for my two young kids.
So I was all hot to form an LLC and then it occurs to me, as a solo, with no staff, who (so far as I can tell) would be personally liable for any malpractice, there seemingly is not point. Why would I waste the filing fee if it offers no real protection or tax advantage?
I'll confess a lack of knowledge here and hope you all can help!
so my questions are:
1) Do I need to form a formal company? If so what form.
2) Is forming an LLC something that would protect me from anything? I don't have staff or investments.
3) Am I personally liable for malpractice? Seems like I am.
4) Is there a way to protect my limited assets?
Thanks in advance!
ps If you can suggest good resources for the atty just starting their own thing I'd be appreciative.