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Limited Liability Companies

In March of 1997, our Legislature passed the Uniform Limited Liability Company Act and the Limited Liability Partnership Act, two laws which have dramatically changed the way professionals may do business in this State. These acts allow doctors, lawyers, accountants and other professionals to practice in a limited liability company or partnership.

The attractiveness of this business entity for professionals is the new feature of limited liability. Broadly speaking, under the new act professionals are not personally liable for any claims, including negligence claims, against the limited liability company or the partnership and the other members. However, professionals remain liable for their own malpractice.

Additionally, the limited liability company carries with it the further advantage of being taxed as a partnership. The combined features of limited liability and favorable tax treatment make this new entity more desirable than the traditional entities of the general partnership and corporation. The limited liability company (LLC) can offer the best of both worlds.

Despite the apparent advantages of this new legislation, you should still proceed with caution before forming such a business entity. First, because the law is new, various licensing agencies will be issuing rules and regulations about the formation of a LLC, which may impact your decision to select this new entity. Second, one size does not fit all. You should consult with both a lawyer and a tax professional to become fully informed.

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If you would like to learn more about how we can help you and your business, please contact us for a free consultation by filling out our contact form or by calling us at (304) 574-2727. We look forward to hearing from you.