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Since the limited liability company is a newly designated entity which, by statute, purports to afford limited liability to its members, and recognizing that our Supreme Court, in Rule I pertaining to professional service corporations, has set forth specific requirements for the organization and operation of professional service corporations mandating joint and several liability of PC shareholders, it is the opinion of this committee that Nebraska lawyers should not engage in the practice of law as a limited liability company in this State unless and until the Nebraska Supreme Court enacts rules specifically authorizing practice as a limited liability company. These rules would, in all probability, contain requirements similar to those set forth in the Supreme Court's Rule I governing professional service corporations. In addition, the organizational documents of the limited liability company would have to comply with Disciplinary Rule 5-107 (C) and Ethical Consideration 5-24 prohibiting ownership by, association with, or the sharing of management responsibilities with, a non lawyer, and with provisions of DR 6-102 (A) prohibiting the limiting of liability to a client for his personal malpractice.
This page was last modified on Tuesday, April 3, 2012