Alphabet Soup: Choose the Right Designation

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Solo practices and partnerships can be organized in a lot of ways. And for lawyers who don’t concentrate on tax or corporate law, all the abbreviations can be dizzying. LLC? PC? LP?

Fortunately, most experts agree on one simple answer. An LLC, short for Limited Liability Company, seems to be the right call for the majority of lawyers forming a law office.

“The LLC is the preferred method for entity organization by solo and small firm attorneys in the state,” says Philip Prewitt, a lawyer in Macon. “It’s appropriate for everyone from a solo practitioner right up to a multinational corporation.”

Prewitt, who often helps to form entities, says that since the unveiling of the LLC decades ago, few reasons exist to go another direction.

“It gives you the simplest structure with regard to recordkeeping,” he says. “It provides you with liability protection and allows you the flexibility of deciding whether to be taxed as a sole proprietor or a partnership.”

The LLC’s flexibility can come in handy “It gives the broadest options starting out,” Prewitt says. Solo attorneys “aren’t even going to know how successful they are going to be for a couple of years, so it gives them the flexibility of being able to change later down the road.”

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Armstrong Teasdale LLP | Attorney Advertising

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