Legal Guidance for Licensed Professionals Forming Professional LLCs in Northern Illinois

Legal Structures for Professionals: Protecting Your Practice and Your Future

If you’re a licensed professional in Illinois—such as a doctor, dentist, chiropractor, accountant, or attorney—standard LLC formation may not be enough to shield you from liability and protect your personal assets. In Illinois, Professional Limited Liability Companies (PLLCs) are the legally recognized structure for those offering services that require a state license.

At The Real Estate Law Firm, we assist professionals in forming PLLCs and related legal entities to safeguard their practice, reduce liability exposure, and prepare for long-term wealth preservation and business continuity.

What Is a PLLC?

A Professional Limited Liability Company (PLLC) functions similarly to a standard LLC but is reserved for individuals and firms providing licensed professional services. It offers a separation between your business assets and personal assets—protecting you from certain liabilities—while complying with regulations specific to licensed professionals.

In a PLLC:

• Each member remains personally liable for their own professional misconduct or malpractice

   

• Members are protected from liability for the actions of other members

   

• It may still be taxed as a pass-through entity, allowing income to flow directly to owners without corporate tax

   

• Ownership is typically limited to licensed individuals within the same profession

   

Integrated Asset Protection Strategies for Professionals

We go beyond basic PLLC formation to provide a comprehensive asset protection plan. For professionals, this often includes:

• Separating operational risk by forming holding companies (LLCs) for equipment, vehicles, or real estate used by the business

   

• Using Family LLCs to transfer wealth to children or beneficiaries while minimizing tax liabilities

   

• Establishing asset protection trusts to shield personal assets, including homes or retirement accounts, from future lawsuits

   

• Creating succession plans to transition the business to a partner, heir, or buyer with minimal disruption and tax exposure

   

This layered approach helps ensure that both your personal wealth and professional practice are protected under one strategic legal framework.

Is a PLLC Right for You?

You may benefit from forming a PLLC if you are:

• A medical or dental professional running a private or group practice

   

• A licensed accountant, architect, engineer, or attorney

   

• A chiropractor, therapist, or counselor offering regulated services

   

• A professional service provider who wants to structure their business to reduce risk and protect personal assets

   

If you own or lease commercial property related to your practice, we can also integrate real estate asset protection strategies to further insulate your holdings from professional liability.

Schedule a Consultation With a PLLC Attorney

At The Real Estate Law Firm, we combine deep knowledge of Illinois PLLC regulations with decades of experience in asset protection, business formation, real estate law, and estate planning. We’re uniquely equipped to guide professionals through every step—from entity formation to long-term planning.

Let us help you build a strong legal foundation for your practice and your future.