Asset Protection for Florida Professionals

Having a professional license is like having a sign on your back saying: “Please Sue Me.” Common belief is that a professional is well-to-do and highly insured, and can provide an easy pay day when the target of a lawsuit.In this economy, the problem of frivolous lawsuits has grown even worse. There are approximately 50 million lawsuits are filed every year. For everyone who earns a buck, there’s someone out there plotting to take it away. The wise professional implements a comprehensive asset protection plan.

Your first step is to choose the right form of business entity. You should always choose one that limits your personal exposure, insuring that, should you lose a professional lawsuit, it should not impact your personal life and assets, affecting your life and family. A Limited Liability Company (LLC) will very effectively shield your personal assets from the potential liabilities of your professional practice. A professional corporation (PC) or professional association (PA) will also offer protection from the debts of your practice. It will also protect you from errors made by any of your employees, however it will not personally protect you if you are sued personally for your own malpractice.

A limited liability partnership (LLP) is a excellent vehicle for professionals who wish to join together for business while separating their personal assets from professional liability. While an LLP will protect you from the mistakes of your partners, it will not shield you from the mistakes you make personally.

A general partnership is ill-advised as it is very high risk when running a professional practice. It opens you up to liability from the actions of any of your partners.

Probably, the most important step you can take as a professional looking to insulate your personal assets from liability arising from your practice, is to conduct a risk management and liability audit.

Your business structure, policies, procedures, operations and contracts all need to all be reviewed in order to create an airtight asset protection plan. As your asset protection attorney, my job is to identify problems before they turn into lawsuits. The earlier we find a weakness in your armor, the more successful we will be in shielding you from any loss. If you wait until you are sued to form your asset protection strategy, it will be too late.

For more information on how to shield your personal life from the risk and liability of your professional practice and to schedule a free consultation, please contact the asset protection and estate planning attorneys of Wild Felice & Partners, PA at 954-944-2855 or info@wfplaw.com. Let us protect what you value most.