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I am a doctor looking to set up my own private practice in NY. I don't know whether I should elect a PC or a PLLC.

New York, NY |

I know both can be elected as an S-corp. Liability aside, what's the difference then? Which is best for tax consideration assuming I am successful with S election? Thanks.

Attorney Answers 4

  1. As you probably know you can't shield yourself from liability as a professional. Therefore other considerations come into play such as will you locate in NYC and be subject to the GCT if you incorporate then you are liable for unemployment insurance tax besides. There are several considerations to discuss

    Jerry Merola
    Greenberg & Merola, LLP, Attorneys at Law
    91 N. Franklin Street, Suite 211, Hempstead, NY 11550, (516) 887-1975
    521 5th Ave. Ste. 1700, New York, NY 10175, (212) 593-6111
    Additional Offices: Queens & Brooklyn

  2. If you are a doctor setting up a practice you will be well served to consult with a lawyer who regularly does that type of work for doctors. Speak with a CPA too. Don't be penny wise and pound foolish and make decisions based on information you get on-line from lawyers who have not fully discussed your situation.

    I am a former federal and State prosecutor and have been doing criminal defense work for over 16 years. I was named to the Super Lawyers list as one of the top attorneys in New York for 2012 and 2013. No more than 5 percent of the lawyers in the state are selected by Super Lawyers. Martindale-Hubbell has given me its highest rating - AV Preeminent - in the areas of Criminal Law, Personal Injury, and Litigation. According to Martindale-Hubbell”AV Preeminent is a significant rating accomplishment - a testament to the fact that a lawyer's peers rank him or her at the highest level of professional excellence." Fewer than 8% of attorneys achieve an AV Preeminent rating. I also have the highest ranking – “superb” – on Avvo. The above answer, and any follow up comments or emails is for informational purposes only and not meant as legal advice.

  3. We have set up entities for a number of healthcare providers in NYC and deciding on the appropriate entity type depends on a number of factors.

    I suggest you consult a lawyer in private and discuss your situation in more detail. Most of us here, including myself, offer a free phone consult so you may want to take advantage of that.

    Best regards,
    Natoli-Lapin, LLC
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    The law firm of Natoli-Lapin, LLC (Home of Lantern Legal Services) offers our flat-rate legal services in the areas of business law and intellectual property to entrepreneurs, small-to-medium size businesses, independent inventors and artists across the nation and abroad. Feel free to call for a free phone consultation; your inquiries are always welcome: CONTACT: 866-871-8655 DISCLAIMER: this is not intended to be specific legal advice and should not be relied upon as such. No attorney-client relationship is formed on the basis of this posting.

  4. The only benefit that the P.C. Offers is to manage the amount of FICA to pay on your earnings. So if your are a doctor making 700k then you can "try" to take a salary of but $100k and then take the rest out as dividends and thereby avoid the FICA hit.

    My answer is not intended to be giving legal advice and this topic can be a complex area where the advice of a licensed attorney in your State should be obtained.

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