Do Physicians have special concerns about Asset Protection?
A typical business owner may be able to limit his personal liability through the use of a limited
liability company or corporation to conduct business. As a result, the maximum loss faced in business is whatever dollar amount the owner has decided to invest.
A physician is not afforded this benefit of known and limited liability. There is no entity which can be used to practice medicine which will limit a physicians personal liability. As we are now seeing, many successful physicians are leaving the practice of medicine for exactly this reason-they cannot bear the economic risk associated with the practice. This problem is exacerbated in many states by skyrocketing premiums or complete unavailability of insurance to cover even a portion of this risk.
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