As an independent physician who provides work at different hospitals in the country, one can function as a solo proprietor or single-member LLC.
Question:
From a liability perspective, if let's say you get sued while doing this work (and having appropriate state mandate malpractice coverage) and you're unlucky and lose, but the amount awarded is above your malpractice policy caps (in states without caps)-does it make a difference to you if your work was a LLC instead of solo? In other words, does the LLC statute in this case protects your personal assets and only the income within the LLC would be subject to creditors if you'd lose?
My understanding is the LLC limits your liability and only income made within the LLC is subject to risk, not your personal assets, such as home, car...etc.
Question:
From a liability perspective, if let's say you get sued while doing this work (and having appropriate state mandate malpractice coverage) and you're unlucky and lose, but the amount awarded is above your malpractice policy caps (in states without caps)-does it make a difference to you if your work was a LLC instead of solo? In other words, does the LLC statute in this case protects your personal assets and only the income within the LLC would be subject to creditors if you'd lose?
My understanding is the LLC limits your liability and only income made within the LLC is subject to risk, not your personal assets, such as home, car...etc.
Comment