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Understanding the difference between SP, LLC, and S-corp

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  • Understanding the difference between SP, LLC, and S-corp

    What Business Entity Should You Choose? is our Doctor Dilemma for this week, and it is featured in our newsletter for this month. Whether you have a side gig or you're going into practice for yourself, I penned this article as a result of being asked this question so frequently in recent weeks. Hope you enjoy it.

    You can sign up to receive our newsletter by clicking on the link at the bottom right-hand section of any page on our website.
    Our passion is protecting clients and others from predatory advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

  • #2
    So for California physicians, in general, do you still mostly recommend sole proprietorship for incomes of 300-350k, instead of S corp?

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    • #3




      So for California physicians, in general, do you still mostly recommend sole proprietorship for incomes of 300-350k, instead of S corp?
      Click to expand...


      It depends on the comfort level of the physician and also on any other mitigating factors. For example:

      • Some groups require the physician to be an S-corp to work for them.

      • If the physician has other employees besides him/herself, I'd recommend S-corp for protection from the acts of others.

      • After we discuss the pro's and con's of the 2 options, if the physician is still uncomfortable about not having a protective entity surrounding him/herself, we go with the s-corp.

      • Otherwise, I'm advising to go with sole proprietorship.


      I'll post a link to the article on saving taxes with an S-corp when I finish it.
      Our passion is protecting clients and others from predatory advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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