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Roger
Roger, Attorney
Category: Legal
Satisfied Customers: 26596
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I have an accounting and insurance business, right know I am

Resolved Question:

I have an accounting and insurance business, right know I am solepropietorship, and I am considering going to LLc or S corporation for liability protection, but does that really work for tax preparers, Enrolled Agents and Insurance agents?, Because I had understood that even though my company is a LLC or S Corporation if somebody sue me for accounting or insurance errors I am as a person still liable (my only protection would be to have an Errors and Ommissions coverage and also an ummbrella)

So is it worthy to me to become a corporation?, why, why not?, or just go with errors and omisions coverage and one umbrella
Submitted: 10 months ago.
Category: Legal
Expert:  Roger replied 10 months ago.

Roger : Hi - my name is XXXXX XXXXX I'm a litigation attorney. Thanks for your question. I'll be glad to assist.
Roger : You are correct that your professional license is not protected by the LLC or S-Corp, and if you commit an error or omission, your license would be impacted - - the degree of which would depend on the error or omission.
Roger : However, it's still a good idea to have an LLC or S-Corp because you can still protect your personal property/assets with the corporate entity.
Roger : Thus, if you were sued for an error, as long as you were working for the LLC/S-Corp, your personal assets would not be exposed to a judgment.
Roger : Of course your E&O coverage would step in as well in the event that this occurred, but if there's no coverage for some reason, your coverage lapses, or some other unexpected event occurs,
Roger : the LLC or S-Corp would provide protection from personal liability.
Customer:

ok, now which entity is better for my kind of business, LLC, S Corporation?, somebody told me about LLCP? (for Professionals)?

Roger : An LLC is generally the best and easiest legal entity to establish and operate as the bookkeeping is simplest. Also, there are tax advantages to an LLC, such as pass-through taxation.
Customer:

is there something like llc for professionals, I read something about LLC P?

Roger : Yes, it's called a PLLC.
Roger : A professional limited liability company.
Customer:

so, what is that one for?

Roger : It's for professional organizations. Here's a good link that outlines the eligible businesses in Ca: http://www.nolo.com/legal-encyclopedia/what-professional-limited-liability-company.html
Customer:

mm California does not allow this kind of entitiy

Customer:

"Every state, with the exception of California, allows PLLCs, although state laws vary on what type of professionals must form one. In California, licensed professionals can form a professional corporation.\

Roger : Yeah, I was just looking at that as well. ....
Customer:

so then my best option would be LLC

Roger : There's no such thing as a PLLC in Ca. Only an LLC is possible.
Customer:

ok Roger, thank you very much for your help

Roger : No problem. Glad to help.
Roger, Attorney
Category: Legal
Satisfied Customers: 26596
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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