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advice on business entity for practice

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  • advice on business entity for practice

    Spouse is planning to start own private practice this year. Currently she is W2. This year she will also have new sources of income (disability reviews and consulting for a device company). She will be the only doc in the private practice, it will likely be cash only.
    Spouse is settling on professional corporation. Has anyone gone through this process? Trying to make the move from w2 to private smoother. Also trying to have business entity setup that is favorable for individual retirement plan setup (currently we just have 401k plans from work, and backdoor Roths). Thanks.
    resident_1
    Member
    Last edited by resident_1; 01-19-2020, 06:53 PM.

  • #2
    You probably need to be a LLC. Have some choices for tax structure. Hard to say which is the best fit for your wife. Can set up a solo 401k that would allow both employee and employer contribution for a total of $57k for 2020. I’m sure others will chime in with more info.

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    • #3
      depends what state. depends on income.
      otherwise 2 options: sole prop, Scorp.

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      • #4
        you really need competent professional advice in these situations that considers present and future. Are there employees? Are there plans to add additional owners in the future and if so how soon?

        Retirement plan aspects are a secondary or even tertiary consideration if this solo private practice is the main job.

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