Hello and thank you for allowing me the opportunity to assist you.
Please note that for legal reasons my answers are only intended to be general/educational information
rather than specific legal advice
. If you need specific legal advice, then you must consult with a local attorney in your jurisdiction
or LLC will protect your assets in that any of the LLC's liabilities will not go beyond the LLC. In other words, if your LLC has a debt that it cannot pay, then the creditor can only go after the LLC and not after the LLC's owner. The LLC's assets are still at risk, of course. If you have one LLC with divisions, then you run the risk that, for example, the profits from the IT Consulting division will be taken to satisfy a debt from the Medical Billing division. The reason is that the assets and debts are actually owned and owed by the single LLC. If each division is an LLC, then the parent LLC would not be liable for the other LLC's debts. Of course, the downside of having so many LLCs is that it will be costlier to create and manage from an accounting perspective. So, there are pros and cons for each. But from a liability perspective, it is safest to have separate LLCs.
As for the type of lawyer to use, there are lawyers that specialize in business entities and creating them. You can easily find a local lawyer that specializes in that are by using the state bar
's referral service, found HERE
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