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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 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.