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Professional Liability in an LLC

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ridge
(@ridge)
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Proposed is a huge new law in Utah governing partnerships and forms of limited liability companies. The law does make provision for professional services companies in partnerships and LLC's.

As far as professional liability limitation afforded by such organizations there is not much as the following text from the proposed law states:

(6) Subsection (3) and Part 11, Limited Liability Partnerships, do not alter any law applicable to the relationship between a person providing a professional service and a person receiving the professional service, including liability arising out of those professional services. A person providing a professional service remains personally liable for a result of that person's act or omission.

I don't think there is any change here from present law, they are just stating the obvious in the proposed statute.


 
Posted : January 16, 2013 1:06 am
cptdent
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The only "limit" in liability in a LLC is the size of your bank account. :excruciating:


 
Posted : January 16, 2013 7:42 am
Jon Payne
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Essentially what my attorney told me years ago when I was looking at ways to set-up my business.


 
Posted : January 16, 2013 10:17 am