Q: Does a Florida single-member LLC offer personal asset protection in the event of a lawsuit?
I am a Home Health Physical Therapist Assistant (1099 Independent Contractor) in FL. I have professional liability insurance but want to make sure my personal home, retirement, savings and investment accounts are safe if I am sued. I set up a single-member LLC, but my accountant recommended to check with an attorney because he didn't think it offered asset protection since it is single-member. Should I keep the LLC or discontinue it?
A: You seem to be concerned about protecting yourself from any professional malpractice suits, which is what professional liability insurance is for. If you provide your services under an LLC, you'd need to insure both the LLC and yourself individually, and if that causes a substantial difference in premium, it might not make sense to have the LLC unless you're concerned about some kind of liability other than for professional malpractice. In any event, this issue is not one that you should rely on ANY on-line answers or guidance about; you should schedule a consultation with an attorney handling corporation and LLC formation.
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