Professionals, such as doctors and lawyers, should use an LLC for their business. While a law firm can only be owned by one or more attorneys, physicians are not so restricted. A physician can create a standard, non-professional entity to house their medical practice.
A professional cannot use a corporate shield to protect himself from malpractice. A professional is anyone who under Florida law is required to obtain a license in order to practice their trade.
Physicians have a distinct advantage because the professional entity statutes include many restrictions on transfers. Physicians can also use this flexibility to better protect their ownership interest in their medical practice by, for example, owning their practice with their spouses jointly as tenants by the entireties.
Florida statutes specifically authorize ownership of a medical practice by the spouse, parent, or child of a licensed healthcare practitioner
About the Author
Jon Alper is a nationally recognized attorney specializing in asset protection planning. He graduated with honors from the University of Florida Law School and has practiced law for almost 50 years.
Jon and the Alper Law firm have advised thousands of clients about how to protect their assets from creditors.
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