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... or from their own professional malpractice; but they do provide protection from cross-liability for E&O and torts of the LLP's other participants. Your clients-and you-can benefit from LLCs in a number of ways: Consider using one instead of a partnership or sole proprietorship to hold real estate (such as your agency office building) . Benefits include tax, cash and profit allocation opportunities, and Liability protection. Consider them as one asset-protection strategy. For example, clients often place individual apartment buildings into a series of separate LLCs to compartmentalize their ... be aware of their additional sales opportunities! Agency owners can also use LLCs to improve clusters greatly, enhancing their ability to acquire another agency (or to hire an established producer with a book of business) . Owners can even use LLCs to help with their own estate planning. THE BASICS LLCs are hybrids, combining corporate and partnership characteristics. Every state now allows them in one form or another. They provide Personal Liability protection for members against outside third parties (analogous to the protections of a corporation), fire walls' ... Consider them as one asset-protection strategy. For example, clients often place individual apartment buildings into a series of separate LLCs to compartmentalize their investment portfolio in case of catastrophic lawsuits or under-insured losses involving any of their buildings. They're a good way to shield owners of raw land from runaway jury awards to trespassers or the like. In joint-venture situations, they can make dissolution ( 'divorce') of the LLC's members easier and more tax efficient. LLCs can be very effective in estate planning. Members can achieve a step-up in basis ...