PHYSICAL THERAPISTS, OCCUPATIONAL THERAPISTS, SPEECH-LANGUAGE PATHOLOGISTS
Independent Contractors: Why Form a Business Entity?
Even if you are not planning on opening a brick-and-mortar private practice, if you're a self-employed PT, OT, or SLP who works as an independent contractor for one or several companies, you may be exposing yourself to greater personal liability if you do not incorporate and establish a separate business entity.
Being an independent contractor can help you create a life on your terms and accomplish your dreams. It can provide better working conditions, flexible hours, and a higher income. Protect your hard-earned assets by limiting your liability exposure through establishing a separate business entity.
When you decide to take your working life into your own hands, we're here to help guide you through the entire process.
You are considered an independent contractor if you receive1099-Misc instead of getting a W-2 from a company you provide services for. Forming a business entity would limit your personal liability exposure.
One of the first things you need to do to reduce potential personal liability is to establish a business entity. In most cases, a PLLC is the preferred entity type for healthcare professionals. For this, it is best to consult a professional for advice. This is an area where you wouldn't want to cut corners. Being sure that you're doing everything by the book is not only the best way to avoid future issues but will also help you sleep better at night.
Our consultants will guide you through the process of identifying the best business structure for you, evaluating the liability protections available within each business form, and then help you form the business entity at a reasonable cost.
As an independent contractor, you will execute contracts and agreements with companies and other entities. This is an area where you want to be careful since legal contracts can have very specific wording, and it’s easy to miss something if you don’t pay attention. Our consultants can help protect your interests by reviewing contracts and other legal documents.