Limited Liability Partnerships and Limited Liability Companies ( Vol. 12, No. 1, 1999)
In reaction to the litigious climate and the runaway jury verdicts of today, architects and engineers have been forced to engage in a variety of risk management and risk avoidance tools and techniques. Today’s loss prevention strategies include defensive project management, use of peer review, rigorous review of contracts by in-house or outside legal counsel, avoidance of certain types of projects and/or clients, and in some cases, reorganization of the firm into a limited liability entity such as a corporation, limited liability partnership (LLP) or limited liability company (LLC). In this issue of ProNet Practice Notes, we will examine the significant features of LLPs and LLCs, their advantages and disadvantages for a/e’s as compared to other business formats such as corporations or general partnerships, and the general requirements for the formation of an LLP or LLC.
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