LLC: Tenants by Entirety

[Docbeans]

Hi all,

I asked this q on another tread but it got lost in the discussion. So, here goes:

I have been home for the last few yrs after fellowship graduation and am thinking of returning to work part-time. I think I am entertaining two possibilities:

1. Moonlighting for other practices: as an IC, no employees. Should be fine to operate as a sole proprietor.

2. Open my own practice: Likely will hv 1-2 part-time employees. Would like to operate as an LLC to reduce the impact of business liability (I am aware of it not having any benefits with regard to malpractice liability). My q is, should the LLC be titled "Tenants in Entirety" with my husband?- who is also a physician in a different specialty- with his own small grp pvt practice. Does this hv any pros/cons?

Thanks in advance!

 

[jfoxcpacfp]

I think it could be a good idea for asset protection if your attorney agrees that it can be done for a business. Of course, you first must qualify by living in a state where it is allowable for other than real estate. One downside is that you will have to file a partnership return or incorporate rather than filing simply as a SMPLLC. Since you are both doctors, it would be realistic to envision either spouse inheriting from the other.

[LBKCLU]

Below are two articles (in one PDF) that readers will probably find to be informative written by attorney Daniel Rubin.

The first is "The 10 Biggest Legal Mistakes Physicians Make Involving Asset Protection" and the second is "The 10 Biggest Legal Mistakes Physicians Make Involving Trusts".

http://www.mosessinger.com/site/rte_uploads/files/Chapters%202%20and%2012%20-%20The%2010%20Biggest%20Legal%20Mistakes%20Physici ans%20Make%20Involving%20Asset%20Protection%20and% 20Trusts.pdf

I also included a link with his bio to give you an idea of his experience and credentials  http://www.mosessinger.com/attorneys/daniel-s-rubin

 

[Docbeans]

Thank you Johanna and Larry!... I think I feel reasonable confident now about the decision. We are in FL, so it is allowed for a business. Those articles are certainly very informative.

[jfoxcpacfp]

Docbeans wrote:

Thank you Johanna and Larry!… I think I feel reasonable confident now about the decision. We are in FL, so it is allowed for a business. Those articles are certainly very informative.

Click to expand...

LOL, I was guessing FL. You're welcome.

[LBKCLU]

You are very welcome.

Here is the contact information for a good asset protection attorney in Florida if you need one. Jay Adkisson referred me to him a little while ago for a client.

http://www.quarles.com/david-j-slenn/

[Docbeans]

Thank you, appreciate the recommendation!