Group Practice Question

[psychedaboutpsych123]

Hi all,

I had a question about group practice. Myself and a friend from grad school are thinking about starting a practice together. We were looking into LLCs and it seems like doing separate ones makes more sense (as opposed to starting a business together which feels like asking for trouble/way too complicated for taxes). Could we operate as a group practice (aka have one practice name/website/etc) under separate LLCs?

Thanks so much

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[smalltownpsych]

That sounds like a question for either a CPA or an attorney. Since you’ll need those anyway, that question could be a good start to the relationship. We had our CPA setup our business and he didn’t charge us much at all and provided lots of solid advice. We actually still need to connect with a good business attorney.

 

[psychedaboutpsych123]

That sounds like a question for either a CPA or an attorney. Since you’ll need those anyway, that question could be a good start to the relationship. We had our CPA setup our business and he didn’t charge us much at all and provided lots of solid advice. We actually still need to connect with a good business attorney.

The part where psych and business overlaps feels like the wild west to me, a science/humanities student who ran from business things haha. This is a helpful idea, thank you!

 

[AcronymAllergy]

I'm no expert on it, but I think you might need an overall business entity for the practice, and then you could each have your own LLC which is paid by the overall entity.

Also, I agree, find a good CPA and attorneys.

 

[WisNeuro]

I'm no expert on it, but I think you might need an overall business entity for the practice, and then you could each have your own LLC which is paid by the overall entity.

Also, I agree, find a good CPA and attorneys.

This is what I was thinking. Though, they'd have to iron out how they are paid by the parent entity, and other such logistics. There would need to be a lot of thing ironed out in case someone wanted to leave, someone made significantly more than the other, parent company gets sued for the conduct of one of the people, etc.