first time sublease, advice needed!

[catzeye523]

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Hello everyone,
I am going from being an employed OD to subleasing, and my contract starts in 3 weeks. This is all very new to me, so all forms of advice is appreciated, i.e. s-corp vs. sole proprietorship, which malpractice insurance to use, best site for supplies (I-Promotions?), etc, etc, etc.
Thank you!

 

[362.04]

Hello everyone,
I am going from being an employed OD to subleasing, and my contract starts in 3 weeks. This is all very new to me, so all forms of advice is appreciated, i.e. s-corp vs. sole proprietorship, which malpractice insurance to use, best site for supplies (I-Promotions?), etc, etc, etc.
Thank you!

Before taking any advice, I would recommend that you read your sublease carefully to find out what you can do and what you cannot do. In addition, if you have a captive audience, that means that your anchor / host store is well-known, you will have a built-in start or beginnings of a practice. You will not begin from zero. The host store may have a lot to say in what you can do in promotion, etc. If you are next to an optical that is nationally known, coordinate your hours to parallel promotions or sales campaigns.

 

[jblil]

s-corp vs. sole proprietorship

Do NOT use a sole proprietorship structure, as you could be personally responsible for the business' liabilities. Whereas if you form a LLC, a S-Corp or a C-Corp, when you go see your accountant, there will be 3 people in the room: you, the accountant, and the LLC (or S-Corp or C-Corp).

LLCs, S-Corps and C-Corps all have their pros and cons, so picking the appropriate structure depends on your personal circumstances and goals. Switching from one structure to another in mid-stream is an absolute royal pain in the behind, and it can also be a significant taxable event. I used to do business consulting and can tell you horror stories about folks who picked the wrong structure and then tried to extirpate themselves from the mess. Take your time deciding.

Nolo Press has a lot of books written in plain English. I refer to them a lot.

 

[optsuker]

LLC or S-Corp.
LLC has been the popular option for OD's lately.
Just have a Tax Id Number before you start credentialling with insurance carriers because its a PIA to change later

A one hour session with a lawyer is all you need. Find one that does a lot of tax work, go with his suggestion & let him set it up for you.

 

[362.04]

While legal entities are recommended, if the individual does not follow the rules on "acting" like the entity, any good attorney can "pierce the corporate veil". Therefore, advocates and adherents to legal entities should include the advice that the individual has to "act" like the entity.

Disclaimer: This is not legal advice