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9 Steps to Starting Your Medical Practice (Updated In 2020)

9 Steps to Starting Your Medical Practice

Starting a medical practice may seem intimidating, but it doesn’t have to be that way. 

In this article, I will walk you through the process with 9 proactive steps that will position you well for success for starting your medical practice.

Whether it’s your own medical practice, surgery center, physician group, or other medical facility, the initial formation can be tricky with state and health care law requirements. 

As a business lawyer for entrepreneurs, I’m very familiar with the laws that govern medical businesses. 

Even the most educated doctors and physicians need some basic legal help in drafting the protocols and agreements that set the pace for the day-to-day operations in their practice. 

With the right legal help to guide you along the way, you’ll be able to enjoy the freedom that comes from working for yourself and doing things your way.

If you have questions that are not addressed here, you can book your FREE business call or send me an email at sam@mollaeilaw.com

 

How to Prepare Your Small Business for the Unexpected

Running a small business is never easy, but keeping one running while dealing with unforeseen emergencies can seem impossible.

To see your small business through the unforeseen, you need to lay the right groundwork. Read on to learn how to prepare your company for the unexpected.

 

Employee Relations

A small business does not have the benefit of large scale operations, or a lot of savings, or name recognition, which is of course why small businesses are so much more vulnerable to disasters than big businesses are.

The best thing you can do to prepare your small business for the unexpected is to forge and maintain strong employee relations. Your employees form the public face of your business, and it is they who do the most to determine what your customers’ experiences are like. When times get tough, it is your employees who will either go the extra mile for you or just phone it in until they can find a better job somewhere else.

During hard economic times, you need your employees to give superb customer service. You might need them to work with reduced hours,

What Should Your Business Plan Include? (3 Essential Elements)

Business Plan

Few things in life are as equally daunting and exciting as writing your business plan. For someone who has never done one before, it can be difficult to know what exactly to include.

The document is supposed to be a plan of what you’re going to do and how you’re going to go about it, but knowing how much or how little detail to go into can be confusing.

We can’t write your business plan for you, but we can tell you what it absolutely needs to include. Here are some important matters it’s vital your business plan accounts for.

If you’d like to get help with drafting or reviewing your business plan, email us at info@mollaeilaw.com or book a call with us here.

 

Basic Concept of Business Plan

What is your business? What are you doing differently? How are you going to achieve your aims?

These are the questions your basic concept needs to cover before you start. This section needs to discuss the industry you will be entering and the space you hope to occupy within it.

What Qualities to Look for When Selecting a Lawyer for Your Case

Finding the right business lawyer isn’t nearly as straightforward as it may initially seem.

Generally speaking, most people will only need to consult a lawyer a few times in their lives, so the search process is justified unchartered territory for many.

At the end of the day, a lawyer is an advocate—someone who fights on your behalf using reasonable, ethical, and cost-effective means to ensure you see the case through in good financial and legal standing.

Because your lawyer serves as a kind of counselor, it’s important to be choosy when selecting a lawyer for your case.

With such a huge pool to choose from, it’s up to you to decide which attorney is most compatible for you and your case.

Using this guide, I’ll walk you through which qualities to look for when narrowing down your search.

 

Comfortability

There are few things more distressing than trying to work with someone who you’re uncomfortable with.

Not only should you feel comfortable in your lawyer’s presence, but you should also feel totally free to open up to them and ask questions.

FAQ Schema Articles

FAQ Schema Articles

#1 Best State To Form LLC For Online Business in 2020

https://mollaeilaw.com/blog/best-state-to-incorporate-online-business/

What is the best state to form a LLC?

The best state to form an LLC is Wyoming, as long as you do not have a business presence already in another state. Otherwise, it is better to establish your LLC where you have a business or industry influence. Wyoming is a good choice, as its fees are lower and the state offers asset protection and does not charge taxes for capital gains or taxes. Businesses also experience more privacy, as the members’ names are not disclosed. 

Does it matter what state you form your LLC in?

Yes. It does matter where you establish your LLC. Usually, you should form your LLC in a state where you have a predominant business influence. However, if you are a non-resident, you can choose from one of various states to support business activities. Usually, it is best to choose Wyoming. The state’s annual fee is only $50, and you can own a business anonymously. The state also offers one of the best asset protection laws,

How to Dissolve Your LLC (7 Practical Steps to Close Your LLC)

How to Dissolve Your LLC

A Limited Liability Company is an amazing tool by which to conduct business especially from a tax and liability perspective. Unfortunately (or fortunately), some situations arise which may cause the need to dissolve a LLC.

Some scenarios include: 

  1. Planned expiration in which the LLC was only going to be valid for a set period of time;
  2. The business purpose has been completed and thus is does not make financial or legal sense to continue to pay taxes and fees associated with continuing the limited liability company; or
  3. Member disagreement (yes those occur frequently), among other valid and considerable reasons. 

No matter what type of LLC, and there are advantages to different types, or why you are choosing to dissolve a limited liability company, there are steps that must be taken to avoid fines, taxes, and a ultimate loss of goodwill in the industry which could obviously prove to be detrimental to your bottom line in the long run.

Shameless plug… Whether you are winding up and dissolving a LLC in any state (we have guides for Texas,

LLC or Sole Proprietor (The ULTIMATE GUIDE 2020)

LLC or Sole Proprietor

Should you choose to be an LLC or sole proprietor? This question is important to answer, especially if you are working on your own, or are beginning a small business online or offline.

Book a call or speak to us here: https://mollaeilaw.com/start after you read the following information.

 

How Do You Distinguish between Working as an LLC or Sole Proprietor?

The main difference between an LLC or a sole proprietor has to do with liability. When you begin working as a sole proprietor, your personal assets, such as your home or business, are technically at risk. By forming an LLC, however, you erase this risk, as your personal assets cannot be touched if you are sued by a business client. 

Also, when you form an LLC, your taxes pass through to your personal income tax filing. You don’t owe any taxes on your business. This additional convenience makes forming an LLC very attractive.

Selecting an LLC or sole proprietorship is both important and complex. Unless you are a tax accountant or legal expert,

How to Convert a C Corp to an LLC (ULTIMATE Guide 2020)

How to Convert a C Corp to an LLC

If you wish to convert a C Corp to an LLC, you probably are doing so for tax reasons. The following information will help you make this happen.

After reading the content, call or speak to us here: https://mollaeilaw.com/start to get started. By taking this stance, you can avoid paying taxes on your company and enjoy pass-through taxation.

 

Why You Need to Know How to Convert a C Corp to an LLC?

If you own a C corporation, you may want to convert to a pass-through entity, such as an LLC to retain your transferability of ownership and to receive protection against getting sued. This action may be more attractive too, as you avoid double taxation of corporate revenue. As you get bigger or expand, it can become more and more difficult to reach a happy balance when it comes to taxable income.

Not only do you have to consider shifts in salaries, but you also have to deal with paying for fringe benefits or interest payments on business assets. 

Can a Sole Proprietor Hire Employees? (Answer Inside) (2020)

Can a Sole Proprietor Hire Employees?

If you work on your own and need additional help, you may want to know the answer to the following question, “Can a sole proprietor hire employees?” The answer is “yes.” However, before you place ads for help, you need to contact a competent business attorney to help you with this inquiry.

Call to speak to us here: https://mollaeilaw.com/start to get your hiring questions answered and learn how to set up your business so you can add to your staff.

 

Can a Sole Proprietor Hire Employees Immediately?

The following information is important to read if you want to fully answer your questions, “Can a sole proprietor hire employees immediately?” While you can hire employees, you will need to obtain an employer identification number (EIN) from the IRS. 

Once you have this number, you will need employer identifications to fill out tax forms. For example, an employee who works for a sole proprietor must give him or her a copy of their social security card and another form of identification – preferably a picture ID.

How to Switch from Sole Proprietor to LLC (ULTIMATE GUIDE) (2020)

How to Switch from Sole Proprietor to LLC

Switching from sole proprietor to LLC is usually a strategic move – one that is quickly done when you find out about your financial vulnerability as a sole proprietor.

We can help you in your move to step up from sole proprietor to LLC. Book a call to speak to us here: https://mollaeilaw.com/start.

Once you contact our office and start launching your new limited liability company (LLC), you will be able to rest easier at night.

To understand how to get your new LLC off the ground, you should read the following information. An LLC stands for a limited liability company, and is the ideal choice for any start-up that wishes to keep its business dealings separate from its personal finances.

 

Switching from a Sole Proprietor to LLC – What Is Involved?

When you are switching from a sole proprietor to LLC, you need to take specific steps. These steps are outlined as follows.

#1 Research and Find Out If Your Business Name Has Been Taken

The first thing you need to do is find out that your business name is already being used.

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