Article

Corporate Formation

Provided by: Jennifer Kirschenbaum, Esq.

September 24, 2020

Question:

Hi Jennifer,

I would like to start a new entity.  Should I form a PC or a PLLC?  

Thanks, 
Dr. L


Answer:

Good question.  Either entity will take 4-6 months to form because of backlog at the Department of Education.  The PLLC costs a bit more to form because you have to pay for publishing on top of equivalent filing fees.  Both will offer a layer of corporate protection.  Both can serve as the practice construct to hire employees under, use as the billing tax ID, asset holder for real estate or equipment, and more.   The PLLC construct will allow a bit more flexibility, as there are less legal constraints on profit distribution and structure rigidity.  A main factor in making the final decision on which way to go is what your accountant prefers.  The entity you select will require its own return be filed, unless the entity is a disregarded entity (wholly owned PLLC).  Talk to your accountant before you decide and make sure you have sign off.  

Once you do decide on the entity type, we will need the name you choose and a copy of your license.  When thinking of a name, include your specialty and avoid the use of "facility" and "center", or an indication of plurality if the entity will be singularly owned. 


Looking for the KK Healthcare Exchange?  Click Here. 

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Looking for HIPAA and compliance forms?  
Click here to visit our website.
Have a question or comment for Jennifer?
Contact Jennifer at Jennifer@Kirschenbaumesq.com or  at (516) 747-6700 x. 302.
Interested in having Jennifer speak at an event or
at a residency/fellowship program?
Contact Jennifer directly at (516) 747-6700 x. 302 or at Jennifer@Kirschenbaumesq.com
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K&K's Prepaid Legal Audit/Investigation Defense Now!
Corporate Formation-September 24, 2020-Jennifer Kirschenbaum

Article

Corporate Formation

Provided by: Jennifer Kirschenbaum, Esq.

September 24, 2020

Question:

Hi Jennifer,

I would like to start a new entity.  Should I form a PC or a PLLC?  

Thanks, 
Dr. L


Answer:

Good question.  Either entity will take 4-6 months to form because of backlog at the Department of Education.  The PLLC costs a bit more to form because you have to pay for publishing on top of equivalent filing fees.  Both will offer a layer of corporate protection.  Both can serve as the practice construct to hire employees under, use as the billing tax ID, asset holder for real estate or equipment, and more.   The PLLC construct will allow a bit more flexibility, as there are less legal constraints on profit distribution and structure rigidity.  A main factor in making the final decision on which way to go is what your accountant prefers.  The entity you select will require its own return be filed, unless the entity is a disregarded entity (wholly owned PLLC).  Talk to your accountant before you decide and make sure you have sign off.  

Once you do decide on the entity type, we will need the name you choose and a copy of your license.  When thinking of a name, include your specialty and avoid the use of "facility" and "center", or an indication of plurality if the entity will be singularly owned. 


Looking for the KK Healthcare Exchange?  Click Here. 

MISSED OUR RECENT WEBINARS?  CLICK HERE ANYTIME!
Looking for HIPAA and compliance forms?  
Click here to visit our website.
Have a question or comment for Jennifer?
Contact Jennifer at Jennifer@Kirschenbaumesq.com or  at (516) 747-6700 x. 302.
Interested in having Jennifer speak at an event or
at a residency/fellowship program?
Contact Jennifer directly at (516) 747-6700 x. 302 or at Jennifer@Kirschenbaumesq.com
Click here to learn about
K&K's Prepaid Legal Audit/Investigation Defense Now!