In this video, I showed How to Start an LLC for Doctors, Dentist & Physicians in 2024. Starting an LLC is one of the best Asset protection strategy for your Medical, Medicare or Medicine service or business.
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If you’re starting a dental or doctor’s office business, you’ve probably at least considered forming an LLC. The LLC is a popular option for all sorts of businesses looking for asset protection, and it has a handful of other major advantages as well.
In many states, you’ll need to form a professional LLC (PLLC) for a dentist or doctor’s office. Read on to learn more.
First off, let’s quickly outline what an LLC is. LLCs are formal legal entities that are typically taxed similarly to sole proprietorships and general partnerships, in that the owners include any company profits or losses into their personal returns — the LLC itself does not owe income taxes. An LLC may also elect to be taxed like a corporation, although this is not a very common option.
There are similarities to corporations too, especially when it comes to financial responsibilities. In an LLC, the owners or members are not usually personally accountable for the financial status of the business. This means that if someone sues your LLC, your personal assets are not at risk.
A PLLC is similar to an LLC, except for the fact that it’s intended for certified professionals. In 28 states (plus D.C.), this is often the preferred route to form a business entity for doctors or dentists. For more information, consult an attorney or your state’s Secretary of State office.
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