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How to set up your new business (locums, side gig, etc.)

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  • How to set up your new business (locums, side gig, etc.)

    If you have a side gig or you're working strictly as an IC (hospitalist, locums, for example) and have questions about how to get started, I wrote this post for you. Even if you don't want to totally DIY, it wouldn't hurt you to know the basics before you call a CPA for advice. After all, you should at least be aware if you know more than the professional.
    Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

  • #2
    It's really easy if you have no employees and will just be a sole proprietor.

    • Figure out who's paying the malpractice.

    • Collect check.

    • Deposit check.

    • Get an EIN in 5 minutes for free online if you want a solo 401(k).

    • Buy benefits if you don't have someone else (an employed gig or a spouse's job) providing them.

    The tricky stuff all comes in with your first employee.
    Helping those who wear the white coat get a fair shake on Wall Street since 2011


    • #3
      Not so tricky if your first employee is your spouse.  Quite a bit trickier with your first non-spouse employee.

      Don't get too cute and call someone who should be an employee a 1099 contractor.

      A good HR manual and a payroll company like Sure Payroll can help a little with that first non-family member employee.  (We didn't care for Paychex and ADP.)  Still plenty of challenges and potential problems with employees who aren't family.