I'm just finishing my fellowship and will soon be joining an immediate family member in private practice. He has his practice setup as a PC, and has seven employees. I'll be joining him, and am trying to get a handle on how to structure the practice now. He will be retiring in about one year, and then it will be just me. My plan was to be his employee for a year, and when he retires set up the practice as a PC in my name. Does this sound reasonable? Or should I set myself up as a separate entity from the get go?
Thanks for the help. I'm new to all this financial stuff. I have read articles on PC, S corp, LLC and don't know yet the ideal one for my setup. I'll obviously need a good accountant/advisor. My future partner has an accountant/advisor that is very experienced but "expensive", and he has recommended that I use one of his younger partners that I can be with long term, and doesn't charge so much now. I'd love some input on that as well!
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