As a podiatrist, you know that the feet can take a lot of pounding. That is why you need to retain legal support when beginning a podiatry practice. Let us do the legal “footwork” for you so setting up a podiatry practice becomes an easier process.
To get on the right “footing,” read the following information and then book a call to speak to us here: https://mollaeilaw.com.
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Setting Up a Podiatry Practice: What You Need to Know
When setting up a podiatry practice you need to be organized and familiarize yourself with the laws in your state for establishing a business. To begin on this journey, you need to create a business plan.
Why You Need a Business Plan When Setting Up your Podiatry Practice
A business plan serves as a road map that shows you are committed to setting up a podiatry practice and medical business. Without this road map, you are treating your venture more like an avocation than a regular business.
A business plan allows you to identify your goals and outline the steps needed to achieve them. It covers budgeting, marketing, buying equipment, and hiring a staff.
Tips for Getting Started
Below are some tips for getting started.
- Start checking on locations for your podiatry practice. Make sure the building is accessible and in a spot that is professional and well-recognized.
- Decide on the name of your practice and the type of entity. If you plan to set up a podiatry practice in California, you can only choose to incorporate. Otherwise, many states will allow you to set up your practice as a limited liability company (LLC) or professional limited liability (PLLC). To reduce your tax burden as a professional corporation, you may want to set up your practice as a subchapter S corporation.
I can help you decide on how to set up your business entity. In many cases, you may be better off setting your practice up as a professional corporation for added professional credibility You can opt for subchapter S status to reduce your taxation and gain the needed liability protection.
In other words, if you get sued, your personal assets (such as your car(s) and home are protected.
To learn more about your options along these lines, you can contact me anytime. Email firstname.lastname@example.org today to learn how you can formulate a plan for growth and start your podiatry practice now.
Setting Up a Podiatry Practice May Involve Using a DBA Name
Once you create a business plan, you may find that the name of your podiatry practice does not fall in line with your marketing strategy. If so, you will need to create a fictitious name or “doing business as” (DBA) name when setting up a podiatry practice.
Seriously consider what to use as a name, as it will be used for your domain name and in email correspondence. You also have to consider your competitors.
The last thing you want is to have a name similar to that of another podiatrist. All that will do is confuse the people trying to find you. That can be a hindrance to growth and future plans for expansion.
So, make sure you choose the right name, as choosing the wrong name can cause a number of problems, fiscally, professionally and operationally.
Develop a Pro Forma for Setting Up a Podiatry Practice: Provide Best, Projected, and Worse Case Scenarios
Use a pro forma financial form to determine your budget and what you will need to fund your practice and operate. Therefore, when setting up a podiatry practice, you can use this information when you consult with an attorney and an accountant.
You will need to retain both legal and accounting help to ensure that your business will continue to stay afloat and grow. For legal assistance, contact me with your plans and goals. Email email@example.com to set up a consultation and appointment.
Following the Steps for Officially Setting Up a Podiatry Practice
Once you decide on a business name, the location for your business, and create a business plan and budget, you can gather the documents needed for setting up a podiatry practice. You will need to submit the forms to the Secretary of State’s office where you form your business.
Obtain a Registered Agent
During set-up, you will also need to retain the services of a registered agent. A registered agent serves as a go-between for receiving legal correspondence and paperwork.
The agent can be an entity or a person (over 18 years age) who can accept legal or tax documents during regular business hours.
Warning: Don’t Make the Mistake of Filling Out the Legal Forms Yourself
You will need my help, legally, to ensure that your business complies with the rules related to naming, filing, and registration. You should never use a company that offers quasi-legal services, as doing so can affect your professional reputation and credibility.
Instead, you need to obtain the services of a top business attorney – someone who is committed to assisting entrepreneurs in the podiatric field. I can assist you with setting up a podiatry practice. Email firstname.lastname@example.org for further information today.
If you set yourself up as a PLLC, your practice will be owned and managed by its members, all who have stakes in your company. You will also need to file articles or organization, which identifies key members as well as the contact details for the registered agent.
Forming a PLLC
While a PLLC does not require the filing of an operating agreement, you should still create the document to prevent disputes among members. An operating agreement is designed to cover the responsibilities of the members, the amount of capital invested by members, percentages of ownership, and dispute resolution guidelines.
Establishing a Professional Corporation (PC)
You can also choose to form a traditional corporation in the form of a C corporation or subchapter S. C corporations normally are publicly traded businesses while Subchapter S-corporations are smaller or start-up businesses.
While you are subject to double taxation as a C corporation, you can elect, as a subchapter S, to have your business regularly taxed or opt for pass-through taxation. If you opt for pass-through taxation, you will pay your taxes on your personal tax return.
As you can see, as a podiatrist with a solo or start-up practice, it makes sense to form an S-corporation. You will need to file articles of incorporation with the secretary of state’s office.
The articles of incorporation include the shareholder structure and identifies the initial directors.
You will then need to arrange an initial shareholder meeting to address certain formalities, such as the formation of the bylaws and distribution of shares. The bylaws for your corporation cover the meeting times, names of corporate officers, voting rights, contract approval, and the signing of checks.
Obtaining an EIN When Setting Up a Podiatry Practice
When setting up a podiatry practice, you also have to obtain an employer identification number (EIN) for performing banking and paying taxes. I can help you obtain the number as well as make sure all your paperwork is filed correctly.
To learn more about obtaining an EIN and setting up a business entity, contact me for all the details. Email email@example.com now.
Establishing a Corporate Bank Account
Once you have received your EIN, you should set up a corporate bank account to streamline the billing and accounting for your business. By establishing a bank account, you can separate your personal and business banking, and develop a shield against liability.
What To Do Next
As you can see, you need to obtain legal and accounting assistance when setting up a podiatry practice. Again, I can be contacted anytime to help get your started.
Email firstname.lastname@example.org today. Let’s start a plan for your podiatry practice so you can realize your professional practice goals now.
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