LLP vs Corporation?

[bluecastel]

Is there any reason why a group of physicians practicing together might make their practice a limited liability partnership rather than simply incorporate?

[future_doc]

Is there any reason why a group of physicians practicing together might make their practice a limited liability partnership rather than simply incorporate?

 

Disclaimer: I don't know what I am talking about. Are there any lawyers present?

 

I believe lawyers operate under limited liability partnerships but take out their income personally whereas doctors each have their own professional corporations that take in the fees paid as taxable income (at a lower than personal rate) and pay out such income to the doctors as they require to live upon which the doctors pay tax. Both the lawyers and doctors are covered for malpractice insurance so this is not an issue. I don'y know what, if any benefits, might flow to the doctors if they practiced in a limited liability partnership.