Business Entity Basics for Therapists in Private Practice

Описание: Are you a therapist in private practice and wondering if you should form a business entity? And does even that concept sounds complex and confusing? Sole props, LLC's, Professional Corporations, S-Corps. It all gets confusing quickly!

In today's video, I explore the different types of business entities that might make sense for your private practice. And be sure and listen to the end where I cover some nuances around special restrictions that apply to licensed mental health professionals.

You might be surprised that this video doesn't cover S-Corps. Why? Because an S-Corp is NOT a business entity. Rather, it's a special (and complicated) tax election which LLC's and Corporations can opt into. This video will help you decide if an LLC or Corporation is right for you. A future post will cover the S-Corp election in detail. And that detail is important to understand and think through. I see more people regret having made the S-Corp election too soon rather than regret not having made the election earlier.

If you'd like to download the slide deck, or would rather read a blog post covering this subject, click here: https://bit.ly/3uUx3Jy

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Disclaimer: This video is provided for general information and illustration purposes only. Nothing contained constitutes financial, legal or tax advice; a recommendation for purchase or sale of any security; or investment advisory services. I encourage you to consult a financial planner, accountant, and/or legal counsel for advice specific to your situation.