Forming your own practice

October 29, 2013

Jennifer,

I'm interested in forming my own practice.  How should I go about that?

Thanks,
Dr. J

Answer:

Taking today's question at face value - how to actually go about forming a corporate entity - starts with consulting your legal and accounting team.  Your healthcare attorney will assist you in selecting a name that is available and hopefully going to be approved by the Department of Education. For this to be the case the name selected must reflect the services you will be performing through your practice.  Your accountant is integral in your entity selection because whether you choose a Professional Corporation or a Professional Limited Liability Company will depend on your accountants opinion on tax benefits.  Once a name and corporate structure are selected, your healthcare attorney will also handle filing. For your attorney to form your entity you will have to provide a copy of your license as well as any additional certifications, etc. relevant to your name selection. Typically formation takes 4-6 weeks. 

Foregoing the above and forming on your own is an available option, although not advisable. There are multiple steps in formation - filing with the Department of Education, and once approved, the Department of State.  A Limited Liability Company requires publishing to be duly formed.  Once formed, a corporate kit is required to be executed properly and maintained.

Questions on corporate formation?  Contact Jennifer or Erica.