I am a doctor working for a group practice, and I would like to protect my finances. Thank you for your time.
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Start a Small Business
Written by: Alan James Brinkmeier
Attorney licensed in Illinois
Establishing the right small business idea helps get you excited about the work and reward that can lie ahead. This simple five-step guide points to the start-up keys any small business must address. Acting in the beginning on these five topics can help lead to your small business start-up success.
Decide what form your business will take. For that you should properly establish a company or organization type so get an attorney. Get a good lawyer that knows how to advise you on the various business models such as proprietorship, partnership, corporation ( LLP, LLC, S Corp) and non-profit. These forms can all be good and can all have challenges for which you need advice. Each has pros and cons so work those through with your business attorney from the very beginning.
Decide where you will be. If online make sure you have all that you need. Where you operate will dictate what permit you may need from your village, town or city. Contact your local city or town administrator to make sure you are in compliance with local ordinances and get the proper permit. Nothing can be more disappointing than to do all the other start-up parts only to find that what you want to do is not allowed or permitted in the location you have. Get that piece worked out early.
To begin a business start with a plan. Who will your customers be? What will you sell? How? Without proper business planning, you simply will not know if your business is the right one and whether it is headed in the right direction once you launch. What separates successful entrepreneurs from the rest is that they know where to look to find opportunities and how to take advantage. This planning step is very important so get the proper business outline in place.
You want to make money. You will have to generate positive cash flow. How will you collect, record and report what you make? Contact an accountant because you will have to pay appropriate tax on what you sell. Local tax, state tax, federal tax will all need to be reported so get the framework in place at the start. The IRS can be a resource and will be on the reporting end of what your business brings in, too.
Turn on the lights, get out the pencil and get to work. You are operating a small business. Good luck and here is hoping you the best of success.
Use a search tool such as Avvo's "Find a Lawyer" feature and then interview some of the lawyers you find to determine if they have experience with doctors and group practices. There are some issues specific to those types of situations, so prior experience would be desirable.
My answer does not constitute legal advice and may not be relied upon by anyone for any purpose and does not constitute an attorney/client relationship or an offer to form such a relationship. This disclaimer is intended to be fully compliant with the requirements of Treasury Department Circular 230 and the terms thereof are fully incorporated by reference.
You might try asking other people in a similar circumstance for a suggestion, or the Find a Lawyer tab allows you to search by practice area and location.
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You need a tax and business lawyer with experience in asset protection planning. Remember, no entity will protect you from personal malpractice,
If you do not like this answer or disagree, please look at one of the other answers provided. It is not necessary for you to try prove this answer is "wrong" or something with which you do not agree. This is a free service for you based on limited facts. Nevertheless, many times you need to consult an attorney with the details to get actual advice specific to your concerns. Do not put too many details in your questions or comments because this makes the information public and could hurt you. Government Regulations contained in IRS Circular 230 regulate written communications about Federal tax matters, including e-mail, between us and our clients. This is another attempt by the government to limit your rights and to extend the control of government over individuals and businesses. Nevertheless, such communications are either opinions or other written communications. This is not an opinion. It is other written communication and was not written to be relied upon, by itself, to avoid any tax penalties. In order to receive assurances of protection from tax penalties from a written communication, you should get an opinion letter. If you would like to discuss an opinion letter relating to any matter, please contact me and I will explain what is involved and what it will cost.
You need to set up an Scorp, LLC, or as I advise many of my medical clients - a P.C. More importantly you will need a shareholder agreement / operating agreement put in place. Many firms such as mine offer free initial consultation. I would contact an attorney to assist you.
In addition to the answers already giving, it wouldn't hurt to try the Illinois State Bar Association's website, which can help you find an attorney by area of practice and location: http://ilf.isba.org/search.html. Good luck!
The foregoing is not legal advice nor is it in any manner whatsoever meant to create or impute an attorney/client relationship.
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