Corporate Law and liability issue -- starting my own business in PA sole prop vs LLC with place of business personally owned?
Hi legal experts!
I am a psychotherapist in PA, opening up my private practice. At first I established an LLC and quickly got the feeling that an LLC in my specific instance does nothing to protect me and just costs me a ton more in liability insurance and complicates things.
So my big questions are:
In the situation outlined below, does an LLC protect me at all? Should I just stick with a sole proprietorship under my personal name and keep my personal liability (E&O and general) insurance the same, rather than pay twice as much to run it through an LLC?
If I go sole proprietorship, can I use my bank account I just opened under my LLC, or is that some sort of mixing of funds and in a lawsuit can be seen as me practicing under my LLC which would negate my personal liability coverage?
Here is my situation:
I operate out of my home office (clients will see me in person).
My home is owned by me personally (and for reasons outside the scope of this discussion it must remain so)
I only accept cash/credit, no insurance.
I have a bank account in my LLC's name I just opened.
I have no employees and don't intend on having any.
I have significant assets in other LLC's.
Your amazing help would be appreciated!