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  • Zaphod
    replied
    Originally posted by wildcat16 View Post

    I would like the benefit of tax/investment, but there will be a second employee who will be scheduling and taking phone calls for the private practice component while I’m at my “regular job.” This no longer is allowed as sole proprietorship if I understand correctly.
    Doesnt make sense, these are simply legal structures, nothing more. Quick googling also shows its not prohibited.

    There are very few benefits to not being a sole proprietor and depends on your situation, sure, but none of it is these kind of things. You should be able to google and learn all this stuff within 2 hours.

    Most people saying you "need" to do x, y, and z are usually in the biz of profiting off of that service (legal, accounting) or havent looked into it.

    Leave a comment:


  • wildcat16
    replied
    Originally posted by Tim View Post

    Not legal or tax advice. Your private practice can blossom and grow under this legal structure.

    “Book gig, collect income. Bingo, you're a self proprietor. Done.” One gig or 100’s per week. It is a perfectly valid structure. A more complicated structure is needed because it provides advantages. Tax, liability, employee benefits etc. Setting it up prematurely can actually make switching more difficult. Seems you are wanting a solution for issues that don’t exist currently.
    I would like the benefit of tax/investment, but there will be a second employee who will be scheduling and taking phone calls for the private practice component while I’m at my “regular job.” This no longer is allowed as sole proprietorship if I understand correctly.

    Leave a comment:


  • Tim
    replied
    Originally posted by wildcat16 View Post

    Would also like to use this to eventually start a private practice/telemed. Would like a business structure in place for this as well(Aka not just moonlight pay). So this is what I was asking for.
    Not legal or tax advice. Your private practice can blossom and grow under this legal structure.

    “Book gig, collect income. Bingo, you're a self proprietor. Done.” One gig or 100’s per week. It is a perfectly valid structure. A more complicated structure is needed because it provides advantages. Tax, liability, employee benefits etc. Setting it up prematurely can actually make switching more difficult. Seems you are wanting a solution for issues that don’t exist currently.

    Leave a comment:


  • wildcat16
    replied
    Originally posted by Zaphod View Post

    It did. You just have a lot of preconceived ideas. You need none of everything you mentioned to do what you're talking about.

    Book gig, collect income. Bingo, you're a self proprietor. Done.
    Would also like to use this to eventually start a private practice/telemed. Would like a business structure in place for this as well(Aka not just moonlight pay). So this is what I was asking for.

    Leave a comment:


  • Zaphod
    replied
    Originally posted by wildcat16 View Post

    Appreciate the thoughts, but didn’t really answer any of the question.
    It did. You just have a lot of preconceived ideas. You need none of everything you mentioned to do what you're talking about.

    Book gig, collect income. Bingo, you're a self proprietor. Done.

    Leave a comment:


  • jfoxcpacfp
    replied
    This book was just published a couple of months ago and seems to check all of your boxes. It’s only a $9 investment. And there’s always perennial favorite Cory Fawcett’s book, The Doctor’s Guide to Starting Your Practice Right.

    But I agree with Cord that the LLC is likely unnecessary.

    Leave a comment:


  • wildcat16
    replied
    Originally posted by CordMcNally View Post
    If you want to do some moonlighting then you don’t need an LLC. If you’re wanting to start your own practice then I don’t think having your own occasional weekend private practice would be anywhere close to worth the cost and hassle.
    Appreciate the thoughts, but didn’t really answer any of the question.

    Leave a comment:


  • CordMcNally
    replied
    If you want to do some moonlighting then you don’t need an LLC. If you’re wanting to start your own practice then I don’t think having your own occasional weekend private practice would be anywhere close to worth the cost and hassle.

    Leave a comment:


  • wildcat16
    started a topic Resources to start a practice/form company

    Resources to start a practice/form company

    Employed physician happy in my job, but looking to start a LLC for some moonlighting on the side. I would like to set things up so if I wanted to do some telemedicine or weekend clinic coverage on the side myself it would also be set to go for a small 1 doc private group since low overhead.

    Any good resources to look into. For the moonlighting the LLC and then EIN seems easy enough, but to be set as a private practice I know I would need EMR, billing, credentialing with payers, employee handbook etc. not sure if any good resources of check list style so I could slowly start getting some of those set up too.
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