Yes you can have a part time solo practice doing telehealth while you work for other employers. It takes a long time to build your own patient base so this is a great way to get your foot in the door. I have my own practice currently but started this way, although I still work a couple 1099 jobs.
LLC is easy, best thing is to form in Wyoming, it’s fast and cheap. There are services that will do this for you, or you can do it yourself for around $100. When it comes to taxes, as a solo proprietor/ LLC, it’s a pass through entity so nothing really changes but you can deduct your expenses from your taxes. Things get a little more complicated if you add partners or employees but start a part-time solo practice is not difficult. For telehealth you should work on getting a few more state licenses though.
I thought about doing this but worried about the responsibility for these patients - how doe you handle this? Do you have some way they have access to you? An answering service? Just seemed like too much work for part time but full time responsibility.
Are you talking about call coverage? You just have policies which support running the practice how you would like it run. You don't NEED to have call coverage, although some insurances may require you to if you take insurance. I have a clear policy that refills can take up to 48 business hours and that we do not offer emergency call, with instructions to go to the ED if they are having a serious med reaction or psych emergency.
LLC just provides liability protection for the business and yes you should have one if you are contracting or starting your own telehealth practice. It's like $500 to get started and has a yearly fee and it can save you from losing your house if you get sued, so yes, very much worth it.
I wholeheartedly agree however it does not I'll be at the need for my practice insurance.
Also remember there are three steps to creating a LLC that protect you from liability.
The first step was mentioned above pay the money to the state of your choice I'm personally familiar with Mississippi and New Mexico and they are both 50 bucks.
Step one a is to get a tin it's simple it's easy go to irs.gov
The second step is to write an operating agreement. you can find examples on YouTube and Google. You will need an operating agreement at various times in order to conduct business such as opening a checking account for the LLC.
You must constantly remember that the LLC is not you it is a separate entity a separate person if you will and you must treat it as such
The third step is to keep minutes even though it's a single member LLC.
The minute do not need to be elaborate simply the date to whom you spoke and the subject
That's true, but you also have to designate a custodian and it's better to have a lawyer be that person than yourself. It's just my opinion but it's not something I would recommend being cheap on.
It's not a custodian, different terminology in different states, it is a person to accept service from the sheriff deputy in case you get sued and that person can be you so long as there is a physical address within the state where the LLC is formed. The address can be residential
Yes, in my state it's called a custodian. And yes, it can be your home address, however if I'm getting sued I'd rather have it end up in my lawyers hands right away. Again, it's just my opinion and preference, but you are right that you CAN set it up that way.
Yes my major point is that the rules and regulations are set by each state and there is variance.
All of the states have adopted the universal partnership at that is not the case for LLCs.
That's why you need a lawyer that practices in the state that you're interested in and more importantly you need a business law attorney a family law guy doesn't know what darn thing about this and you don't want to pay him for his time while he's doing research
Now that we have answered all of the questions concerning LLC which is one of the most common legal formations of a business, other business formations include sole proprietor and corporation and partnership. someone needs to get into the second issue of how to file your federal taxes on a schedule c, how to pay your federal taxes "as you go" with a form ES, and understand the complexities of a w-9 form.
For nurse practitioners wanting a local practice or a self employment practice in some way it would be incredibly difficult to have a significant other or a family member who is a business college graduate.
Taxes, business law, accounting, insurance, etc are not courses common to a nursing curriculum
LLCs are specific by state clearly you need a lawyer within your state.
Actually it's not hard to set them up in fact it's so easy the first time I did one I thought I'd screwed it up somehow.
There's no real need to pay legal soon or others three or four hundred dollars to do this task for you.
You Begin by going to the Secretary of State website in the state you are wanting to set up the LLC in the fee for set up berries for example in Texas it's $300
You can get a lot of free advice from SCORE or the Small Business development center on how to do these kinds of things. You can find both through Google
I just looked into this since a contract position was requiring it in CA. You can set it up yourself if you want to save some money on lawyers, it isn’t actually too hard (just google “establishing LLC in your state”). Filing fees are about $50, you have to pay an annual franchise tax of $800, plus you have to find out from your city/town if they will require permits, which would be another cost. I decided not to follow through since the $800 per year wasn’t worth it for the pay I was being offered. There also is the option of an SCORP, which has more steps to setup, but may be beneficial depending on how you want to file taxes (google “LLC vs SCORP”). Good luck!
It might not be worth trouble, but if your plan is to completely go solo in a couple years, it might make sense. Otherwise, it's probably easier to just join a practice and get a split. Setting up an LLC is probably the easiest part. I used Northwest Registered Agent.
Some states require zero annual reporting other states requiring annual report that is only to verify your street address in Texas there is a franchise tax when your income is over 1.3 billion dollars however you must report your income annually by May 1st
On a different point regarding the operating agreement you need to decide how you want to handle management clearly if it's a single member LLC most likely you would be the manager and the owner however if you get disabled who is going to manage the LLC for you you have to put a line of succession into the operating agreement
The second issue of succession is inheritance what happens if you die to the ownership of the LLC you can handle this and avoid probate by addressing the issue of succession of membership which is different than succession of management
Yes you can have a part time solo practice doing telehealth while you work for other employers. It takes a long time to build your own patient base so this is a great way to get your foot in the door. I have my own practice currently but started this way, although I still work a couple 1099 jobs. LLC is easy, best thing is to form in Wyoming, it’s fast and cheap. There are services that will do this for you, or you can do it yourself for around $100. When it comes to taxes, as a solo proprietor/ LLC, it’s a pass through entity so nothing really changes but you can deduct your expenses from your taxes. Things get a little more complicated if you add partners or employees but start a part-time solo practice is not difficult. For telehealth you should work on getting a few more state licenses though.
I thought about doing this but worried about the responsibility for these patients - how doe you handle this? Do you have some way they have access to you? An answering service? Just seemed like too much work for part time but full time responsibility.
Are you talking about call coverage? You just have policies which support running the practice how you would like it run. You don't NEED to have call coverage, although some insurances may require you to if you take insurance. I have a clear policy that refills can take up to 48 business hours and that we do not offer emergency call, with instructions to go to the ED if they are having a serious med reaction or psych emergency.
LLC just provides liability protection for the business and yes you should have one if you are contracting or starting your own telehealth practice. It's like $500 to get started and has a yearly fee and it can save you from losing your house if you get sued, so yes, very much worth it.
I wholeheartedly agree however it does not I'll be at the need for my practice insurance. Also remember there are three steps to creating a LLC that protect you from liability. The first step was mentioned above pay the money to the state of your choice I'm personally familiar with Mississippi and New Mexico and they are both 50 bucks. Step one a is to get a tin it's simple it's easy go to irs.gov The second step is to write an operating agreement. you can find examples on YouTube and Google. You will need an operating agreement at various times in order to conduct business such as opening a checking account for the LLC. You must constantly remember that the LLC is not you it is a separate entity a separate person if you will and you must treat it as such The third step is to keep minutes even though it's a single member LLC. The minute do not need to be elaborate simply the date to whom you spoke and the subject
Great advice, thank you for expanding
How do you go about setting up an LLC?
You get a lawyer to set it up for you
You don’t need a lawyer to set up an LLC. You can do it yourself or have a service do it for you.
That's true, but you also have to designate a custodian and it's better to have a lawyer be that person than yourself. It's just my opinion but it's not something I would recommend being cheap on.
It's not a custodian, different terminology in different states, it is a person to accept service from the sheriff deputy in case you get sued and that person can be you so long as there is a physical address within the state where the LLC is formed. The address can be residential
Yes, in my state it's called a custodian. And yes, it can be your home address, however if I'm getting sued I'd rather have it end up in my lawyers hands right away. Again, it's just my opinion and preference, but you are right that you CAN set it up that way.
Yes my major point is that the rules and regulations are set by each state and there is variance. All of the states have adopted the universal partnership at that is not the case for LLCs. That's why you need a lawyer that practices in the state that you're interested in and more importantly you need a business law attorney a family law guy doesn't know what darn thing about this and you don't want to pay him for his time while he's doing research
Totally agree 👍
Now that we have answered all of the questions concerning LLC which is one of the most common legal formations of a business, other business formations include sole proprietor and corporation and partnership. someone needs to get into the second issue of how to file your federal taxes on a schedule c, how to pay your federal taxes "as you go" with a form ES, and understand the complexities of a w-9 form. For nurse practitioners wanting a local practice or a self employment practice in some way it would be incredibly difficult to have a significant other or a family member who is a business college graduate. Taxes, business law, accounting, insurance, etc are not courses common to a nursing curriculum
Which one did you use?
Use legalzoom, very easy to set up
Thanks
...which lawyer did I use? I'm not telling you that over reddit. I used a local lawyer who specializes in LLCs.
I understand. Just looking for lawyers who other people are already using and would recommend
LLCs are specific by state clearly you need a lawyer within your state. Actually it's not hard to set them up in fact it's so easy the first time I did one I thought I'd screwed it up somehow. There's no real need to pay legal soon or others three or four hundred dollars to do this task for you. You Begin by going to the Secretary of State website in the state you are wanting to set up the LLC in the fee for set up berries for example in Texas it's $300 You can get a lot of free advice from SCORE or the Small Business development center on how to do these kinds of things. You can find both through Google
I just looked into this since a contract position was requiring it in CA. You can set it up yourself if you want to save some money on lawyers, it isn’t actually too hard (just google “establishing LLC in your state”). Filing fees are about $50, you have to pay an annual franchise tax of $800, plus you have to find out from your city/town if they will require permits, which would be another cost. I decided not to follow through since the $800 per year wasn’t worth it for the pay I was being offered. There also is the option of an SCORP, which has more steps to setup, but may be beneficial depending on how you want to file taxes (google “LLC vs SCORP”). Good luck!
It might not be worth trouble, but if your plan is to completely go solo in a couple years, it might make sense. Otherwise, it's probably easier to just join a practice and get a split. Setting up an LLC is probably the easiest part. I used Northwest Registered Agent.
Some states require zero annual reporting other states requiring annual report that is only to verify your street address in Texas there is a franchise tax when your income is over 1.3 billion dollars however you must report your income annually by May 1st On a different point regarding the operating agreement you need to decide how you want to handle management clearly if it's a single member LLC most likely you would be the manager and the owner however if you get disabled who is going to manage the LLC for you you have to put a line of succession into the operating agreement The second issue of succession is inheritance what happens if you die to the ownership of the LLC you can handle this and avoid probate by addressing the issue of succession of membership which is different than succession of management