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socrateaser
socrateaser, Attorney
Category: Business Law
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Experience:  Retired (mostly)
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My husband has a professional LLC. He is the only member.

Resolved Question:

My husband has a professional LLC. He is the only member. I cannot be part of the LLC because I'm not an optometrist. The lawyer who set it up suggested the professional LLC. Is there a way to change the LLC to one in which I can be a member? What is the advantage of having the professional LLC?
Submitted: 3 years ago.
Category: Business Law
Expert:  socrateaser replied 3 years ago.
A professional LLC is required where the LLC provides government-licensed services. No owner/member can be a person not licensed to practice the profession that the LLC provides, because to do so is unauthorized practice.

The reason for this prohibition is that it would permit unlicensed persons to share the fees charged for professional services, which would effectively eliminate the need for licensing of most of the profession.

The typical means of getting around this problem is for your husband to create a revocable trust, name himself as trustee and you as successor trustee, make you the beneficiary upon his death, and then assign his interest in the LLC to the trust. Then if he dies, you own the LLC, which can no longer operate, because its professional owner is deceased, but you are entitled to the value accumulated in the LLC, as beneficiary.

This can also be accomplished via a Will devise, but then probate expenses will be incurred.

For an estate planning attorney referral, see this link.

Hope this helps.

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socrateaser, Attorney
Category: Business Law
Satisfied Customers: 33377
Experience: Retired (mostly)
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