Vision... Value... Results...

  • People learn best when the content provokes, engages, and involves them whether group or one-on-one education is needed we design all of our educational courses to include interactive experiences that help people develop new skills and learn on multiple levels that meet the needs of our clients.
Upcoming Training & Events
 
 
Fix My Practice - Blog

Fix My Practice – Understanding Business Structure Basics

The Physicians Practice S.O.S. Group® www.ppsosgroup.com

Ready to start your practice? Have you asked yourself what type of business entity you should be? There are several types of business entities to choose from when starting a business. It is important to consider tax treatment and benefits, sale of interest in the business and limiting your personal liability.

  1. Partnerships expose you to greater liability than sole proprietorships. In a general partnership, you are also responsible for certain actions of your partner(s). Partnerships must also file yearly returns with the IRS to report losses, profits and deductions. Before conducting business, partners should draft an agreement outlining how profits, expenses and workload will be divided. Disputes between partners can become costly to resolve and damaging to your business. Setting terms early on will help minimize the risk of a dispute.
  2. Corporations are independent entities formed and owned by one or more shareholders. Corporations may raise capital by selling stock or rely upon capital contributions of its shareholders. Shareholders’ personal assets are protected from legal liability, including business debts and lawsuits. The corporation pays taxes, conducts business and distributes profits to shareholders. Starting and maintaining a corporation requires a great deal of time and paperwork. It is important to keep thorough corporate records and ensure your corporation is fully compliant. In some instances, corporations may be taxed both on profits and on dividends paid out to shareholders. It is vital to consult an accountant or tax attorney regarding your corporate taxes.
  3. Limited Liability Companies (LLC) offer protection to their members similar to that of a corporation. As the member of an LLC, your personal assets are protected from the LLC’s liabilities. The liability protection is limited and does not protect members from illegal or wrongful acts, even if that act was committed by an employee. LLCs require less record keeping than corporations. It is up to the members of the LLC to determine how profits are distributed. There are fewer restrictions on the distribution of profits than with a corporation.

Practicing quality medicine while maintaining and managing the bottom line is a balancing act that provider’s face daily. The Physicians Practice S.O.S. Group is committed to and has helped healthcare providers across the country with new practice startups, IRO needs, and providing practice management and compliance solutions. Call our office to discuss any needs you might have.

Regina Mixon Bates, CEO | The Physicians Practice S.O.S. Group | www.ppsosgroup.com

 

Comments are closed.

 
© 2022 The Physicians Practice S.O.S. Group  All rights reserved.   |  Phone: (770) 333-9405   |   Email Us
Additional Company Information
Site Map
For more information about franchise opportunities, please Contact us.
 
 
     
Physician Practice Management
Physician Practice Consultant
Medical Group Management
Medical Practice Oversight
IRO Services
Baseline Medical Records Audits
Medical Practice Set Up Service
Medical Record Compliance
Medical Front Office Staff Training
Medical Coding and Billing
OIG Records Reviews
EMR
Electronic Medical Record Training
Chart Auditing Course
Compliance Documentation, Planning and Implementation
Medical Practice Management Consultants
Healthcare Education
Healthcare Consulting & Education
Medical Practice Management
Independent Review Organization
Baseline Chart Audits
New Medical Practice Set Up
Medical Practice Assessments
Customized Team Training
Medical Coding
Medical Certification Courses
OIG Audit Reviews
OIG IA Agreement Services
Meaningful Use
Chart Auditing