If you are a nurse practitioner who wants to work on your own, you can get the information you need here. The following outline will give you an overview of what it takes to set up a nurse practitioner professional corporation.
Don’t think about going forward, however, until you retain my legal services. You will need a top business attorney during the set-up phase and after you have established your business. Contact me anytime. Email email@example.com.
Table of Content
What Is a Nurse Practitioner Professional Corporation?
A nurse practitioner professional corporation is a professional corporation formally set up like a standard corporation while adhering to the regulations set forth by an NP’s professional association. When setting up this type of practice, it is important to keep in mind community need, location, financing, marketing, and staffing.
Your professional corporation can be set up as a traditional C corporation or a subchapter S corporation. If it is set up as a subchapter S, you can avoid the double taxation frequently associated with traditional incorporation.
Subchapter S corporations allow for pass-through taxation so shareholders only report their share of the profits. The corporation is not taxed. However, you are only allowed to have 100 shareholders, all who must be U.S. residents.
To set up your P.C., you need legal guidance. Contact me and my team about establishing your corporation so it complies with specific association and state guidelines. Book a call to speak to us here: https://mollaeilaw.com today.
What Naming Formalities Must I Follow When Establishing a Nurse Practitioner Professional Corporation?
Naturally, you will need to name your Nurse Practitioner Professional Corporation before you can accept patients. Therefore, you need to make sure you follow the law in this respect. Otherwise, the Secretary of State will return your application for incorporation, which will delay your progress.
The name you choose should include “registered nursing” or “nursing” to make things official. This extends, as well, for a fictitious name, or “doing business as” (DBA) name. If you don’t want to operate under your incorporated name, you need to add “registered nursing” or “nursing” to the name under which you operate.
Why Is the Name for a Nurse Practitioner Professional Corporation Important?
Naming is important, as anyone who operates a nurse practitioner professional corporation is held to a higher standard – one that does not permit any type of misrepresentation about the services offered.
Therefore, before you select a site, make sure you have a good idea about what you want to name your practice or clinic. Your name is your brand, and should professionally and clearly state what you offer.
What Is Initially Involved in Setting Up a Nurse Practitioner Professional Corporation?
After you choose a name and site, you will need to gather the documents needed to establish your Nurse Practitioner Professional Corporation. You will also need to choose a registered agent to accept legal and tax documents on your behalf. This person or entity should be available during business hours Monday through Friday.
In addition, will need to draft and submit bylaws so you can manage your practice. The bylaws cover any questions regarding the responsibilities of the board of directors, the holding of stockholder meetings, and how disputes should be settled and resolved.
You will need my legal help when you write your bylaws and hold your first board of directors’ meeting. Again, contact me for legal guidance. Email firstname.lastname@example.org for further details today.
Do Shareholders Have to Be NPs in a Nurse Practitioner Professional Corporation?
Shareholders in a Nurse Practitioner Professional Corporation do not have to be NPs, as long as their share or interest in the corporation stays at 49%. Otherwise, the remaining shares must be held by nurse practitioners.
Who Can Hold Shares in a Nurse Practitioner Professional Corporation?
Shareholders that can own shares in a Nurse Practitioner Professional Corporation may include the following types of professionals:
- Licensed surgeons and doctors, including podiatrists
- Licensed psychologists
- Licensed optometrists
- Licensed clinical counselors and marriage and family therapists
- Licensed social workers
- Licensed acupuncturists
- Naturopathic physicians
In addition, the number of licensed professionals who own shares in an NP professional corporation cannot be higher than the number of NPs who are shareholders.
If your NP professional corporation has only one shareholder, that shareholder can also serve as a director and the president and treasurer of the corporation. In this case, the other officers in the NP professional corporation do not need to be a licensed professional.
If the professional NP corporation has two shareholders, it only needs to name two directors who can also be the corporation’s shareholders. The two stockholders/directors can share the offices of president, vice-president, secretary, and treasurer between them.
Besides the Corporate Bylaws, What Other Documents are Required for a Nurse Practitioner Professional Corporation?
To operate and comply with the rules set forth for establishing a nurse practitioner professional corporation, you need to include the articles of incorporation as well as specific certificates and licenses.
That is why you will need to contact me about setting up your business. I can gather and produce the necessary incorporation documentation so you can advertise, market, and accept patients. To speed incorporation along and make sure you are doing things right, you need the support of a top business attorney.
When you are ready to set up your practice or clinic, contact me for an appointment. Email email@example.com to move ahead with your plans.
Figure Out How You Will Bill Patients as a Nurse Practitioner Professional Corporation
You will also need to figure out how to set up billing for your nurse practitioner professional corporation. Basically, you can choose from two models of payment – a traditional payment model and a cash-only model.
If you choose a traditional billing approach, you need to enroll as a provider for Medicare and Medicaid. To accept commercial insurance from patients, you will need to contact insurance companies so you can get credentialed to accept payments.
If you only want to accept cash payments, you need to set up a cash-only practice. This will involve filing an affidavit with Medicare and entering into contracts with Medicare recipients that specify your services are not covered under their plans.
What To Do Next
Forming a nurse practitioner professional corporation can be both exciting and stressful. To lessen any complications or difficulties, you need to contact me for legal guidance and help.
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