LLC in MO for projects in IL

[KS Young]

Jurisdiction

Missouri

Hi This is the first time I post here and hope I am making sense here.

I have a question about whether to set up an LLC in St Louis, MO.

I am a licensed structural engineer in St Louis, MO, but I have some business over in Chicago, IL. For my job, there will be a time I need to stamp the drawings and takes liability for the work I performed. In order to protect my personal and my family asset in case things turn south, can I set up an LLC in MO to protect any lawsuit may happen in IL?

Thank you very much for everyone's input and appreciate your time in reading this.

 

[Zigner]

Hi This is the first time I post here and hope I am making sense here.

I have a question about whether to set up an LLC in St Louis, MO.

I am a licensed structural engineer in St Louis, MO, but I have some business over in Chicago, IL. For my job, there will be a time I need to stamp the drawings and takes liability for the work I performed. In order to protect my personal and my family asset in case things turn south, can I set up an LLC in MO to protect any lawsuit may happen in IL?

Thank you very much for everyone's input and appreciate your time in reading this.

I'm sure you can.

Having said that, an LLC for a single-person business such as yours, may not give you as much protection as you think. As important (probably more important) is copious amounts of insurance.

 

[adjusterjack]

I have a question about whether to set up an LLC in St Louis, MO.

An LLC won't protect you, or your assets, from your professional negligence.

You need high limit Professional Liability (Errors and Omissions) Insurance.

You base your liability limits on the value of the highest priced building that you work on and the potential number of lives in the highest priced building. That could be $10,000,000 or $100,000,000.

 

[KS Young]

An LLC won't protect you, or your assets, from your professional negligence.

You need high limit Professional Liability (Errors and Omissions) Insurance.

You base your liability limits on the value of the highest priced building that you work on and the potential number of lives in the highest priced building. That could be $10,000,000 or $100,000,000.

Thanks Adjusterjack, The project I will be working on is mostly residential single family home. Do you have a recommendation on how much should be covered? Thanks!

 

[Zigner]

Thanks Adjusterjack, The project I will be working on is mostly residential single family home. Do you have a recommendation on how much should be covered? Thanks!

That's not something a stranger on the internet can answer. Discuss it with your insurance agent and also, perhaps, with folks you may be able to network with in whatever professional organization(s) you may be a part of.

 

[zddoodah]

can I set up an LLC in MO to protect any lawsuit may happen in IL?

Can you form an LLC in Missouri? Sure (at least I have no reason to believe you lack this ability).

Will forming an LLC (in Missouri or anywhere else) "protect any lawsuit that may happen"? Maybe. Depends on a lot of things, including what the lawsuit is for, including, if it arises out of a contract to which the LLC is a party, whether you have personally guaranteed performance of the contract.

You should consult with a local business attorney to discuss what you're doing and get the best, fact-specific advice about whether to form an LLC or corporation and where to organize or incorporate.

And I agree with the prior suggestions about insurance, and you should consult with a local commercial agent/broker about that.

 

[adjusterjack]

Thanks Adjusterjack, The project I will be working on is mostly residential single family home. Do you have a recommendation on how much should be covered? Thanks!

Imagine an upscale home in St L or Chi collapsing on a cocktail party attended by the area's wealthiest and they are all killed. That should give you an idea how much insurance to buy.