What is a high-risk business?
This office views a high-risk business as any business that carries a higher risk of massive liability. For example, a surgical practice, or a semi-truck delivery company bring to mind very high potential risks. There's a much greater chance that the surgeon or a semi-truck business is going to be involved in a fatality (or multiple fatalities) over the course of their careers. The damages from a single event could stretch into the tens of millions.
Businesses like these need more protections put into place to avoid losing everything if one of the high-risk events occurs. Sometimes the two company structure (see our real estate entity structures article) is not enough for such a business. Further, personal planning may be recommended in cases like a surgeon's because no entity will remove liability for your own personal negligence (the surgeon's malpractice exposure). Making both the practice AND your person look poor to a Plaintiff's lawyer may be important in the case of the surgeon.
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Law Office of James Ryland Miller, PLLC
Mailing Address:
1098 Ann Arbor Rd W #377
Plymouth, MI 48170
Mr. Miller is physically located in Plymouth MI and
meets with clients in Arlington TX by appointment
only.