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Profit matter for entity formation?

 

Provided by:  Jennifer Kirschenbaum, Esq.
February 9, 2017
 
Question:

Hello Jennifer,

I had a quick question.  I am thinking about doing some 1099/W9 work and am considering of setting up an S-corp or LLC.  However, many individuals say that if I do not make 75k/30k/etc (some large amount) its not worth it.  I do not know much I will make its mostly for moonlight, IMEs, and Disability evals.  I was wondering what is your opinion of setting up an S-corp/LLC rather than not. 

Thanks, 
Dr. P


Answer: 
 
This question is really for your accountant.  The “Worth It” concern is from a tax basis – is it worth the cost of forming for the tax benefit?  Or, where does the tax benefit play in.  Either way, you are responsible for your medical malpractice personally.  If you were renting space there may be some protection offered by entity formation, but seems here you will be contracting directly for work. Insurance will be your layer of  protection from the most likely form of potential liability. 

Hope this helps.  Happy to elaborate upon request.  

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