What to expect from healthcare lawyer (private practice)?

[ccpsych16]

Hi all,

I’m moving full steam ahead with setting up a private practice. I have a consultation meeting with a healthcare lawyer and I have questions for others who have consulted with one (or have one on retainer).

1) What do you pay for their services? I was accidentally forwarded an email they attempted to recall as it was not for me, and it says $5-6,000 for review of documents (intake forms, financial disclosure, HIPPA, etc), 1 year of consulting re: other matters of setting up a private practice, and $600/year for registered agent services.

2) How often do you communicate with them once you’re up and running? Do you really need them once you’re established, except if a legal issue were to arise?

3) Anything else I should ask them at the initial consultation?

Thanks!

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[PsyDr]

1) That is about right

2) Almost never

3) if they will set up a federal Tax ID number (i.e., EIN). What is the sequence to create a bank account, which mailing address to use for the bank, how to pay yourself to avoid piercing the corporate veil, how to get credit history for your LLC, etc. Also it is always wise to ask, "what else should I know?"

 

[ccpsych16]

1) That is about right

2) Almost never

3) if they will set up a federal Tax ID number (i.e., EIN). What is the sequence to create a bank account, which mailing address to use for the bank, how to pay yourself to avoid piercing the corporate veil, how to get credit history for your LLC, etc. Also it is always wise to ask, "what else should I know?"

Thanks! That’s about what I was thinking. I also had a consult with an accountant who helped with the financial side of things.

 

[WisNeuro]

Thanks! That’s about what I was thinking. I also had a consult with an accountant who helped with the financial side of things.

If you're planning on something like an LLC taxed as an S-corp, you'll likely want someone else doing those taxes, unless you're supper savvy with such things.

 

[ccpsych16]

If you're planning on something like an LLC taxed as an S-corp, you'll likely want someone else doing those taxes, unless you're supper savvy with such things.

I think I will do that at some point. When I spoke to the CPA, he walked me through the pros and cons and at what gross income threshold it makes the most sense. I expect a slow build up while I’m working FT as a W-2, so not sure if I would hit that benchmark this year.

 

[AcronymAllergy]

I think I will do that at some point. When I spoke to the CPA, he walked me through the pros and cons and at what gross income threshold it makes the most sense. I expect a slow build up while I’m working FT as a W-2, so not sure if I would hit that benchmark this year.

Yeah, if you're full-time somewhere else, the S corp may not be worth the time and money. But you can start looking into what would be necessary during your slow build up.