Practice Legal Structure

[DD214_DOC]

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I don't see any separate practice management or med business forum, only one for students, so I figure I would put it here. Which business legal structure are most people choosing for a solo practice and why? Which would you choose to do mostly locum work, at least initially? I'm thinking PLC/LLC or S-Corp.

 

[F0nzie]

LLC. It was easy.

 

[notdeadyet]

When you say "locum work," do you actually mean it or do you mean moonlighting? If you're looking to moonlight, I don't see a need to form any of that. Depending on locale, you can get most of the same deductions and right offs just working on a 1099 (as an independent contractor).

 

[F0nzie]

Oh now I remember. I was a sole proprietor for several months then got tired of my social security number on all the superbills.

 

[F0nzie]

I'd do sole prop for locums. LLC or Corp for pp.

 

[DD214_DOC]

Yeah it was for anonymity. I'm not sure what I'll do in the future but llc now gives a good history with age and past revenue

 

[clusterF]

I don't think you can have an LLC in every state.

 

[TexasPhysician]

Oh now I remember. I was a sole proprietor for several months then got tired of my social security number on all the superbills.

SS on superbills? Joking right? No one is that stupid to give that info away. Lawsuit.

 

[F0nzie]

SS on superbills? Joking right? No one is that stupid to give that info away. Lawsuit.

The superbills you give to patients require a tax ID. If you do not have a business tax ID, as a sole prop you use your SS.

 

[DD214_DOC]

Some states require physicians to form a PLLC. I'm still trying to figure out which ones.

 

[TexasPhysician]

The superbills you give to patients require a tax ID. If you do not have a business tax ID, as a sole prop you use your SS.

You can get an EIN as a sole proprietor.