https://open.spotify.com/episode/3J1OC3YUrg58qQZPVLdzyr?si=3Y0r6E3cSLmhCCa-D3Z8UA...
Continue readingTransitioning out of state is a major business decision. As a business owner, there are usually numerous difficult decisions to be made with a permanent or long-term move. Not only can relocating your business to a different state be more convenient, but it can be beneficial for numerous reasons. Benefits of Relocation Some of the potential benefits include: (1) reduced or no state income taxes and (2) paying less for services or merchandise. Fortunately, in Florida the transition is not difficult. Another major benefit to conversion is that the company is allowed to maintain the original Tax ID. For an established company,...
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By: Marcus Leonard What is a PLLC? Many people are familiar with limited liability companies (“LLC”) including liability protection and other benefits provided by this type of business structure. Slightly different, a professional limited liability company (“PLLC”) is an LLC formed specifically by those who are licensed to provide professional services. The term “professional service” means any type of personal service to the public which requires someone to obtain a license or other legal authorization to perform such service. Many medical professionals are authorized to form PLLC’s, including chiropractic physicians, dentists, osteopathic physicians, physicians and surgeons, doctors of medicine, doctors of dentistry, and...
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You’ve decided that now is the time to close your healthcare entity (i.e. Medical Practice) for any number of reasons. However, you can’t simply close the doors and just walk away. There are a few steps that you need to take in order to comply with Federal and Florida law. One of the requirements is that you “wind up” your limited liability company (“LLC”). After you’ve dissolved the company the company continues only for the purpose of winding up. During this process the LLC is required to discharge or make provisions for the company’s debts, obligations and other liabilities, as well...
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You’ve found yourself in a very common situation where one or more partners in your healthcare business (i.e. medical practice) wants to resign or dissociate from the entity. There could be any number of reasons that would motivate a person to do so. You may handle the personal fallout from this situation in any manner that you choose. However, there are still certain legal requirements that you must adhere to when a partner chooses to dissociate from a limited liability company. Events Causing Dissociation This is not an exhaustive list but a person is dissociated as a member if any of the...
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Which Business Structure is Best for my Medical Practice? Over the years many providers have come to my office expressing an interest in owning a medical practice, healthcare facility, or healthcare business. During these meetings, it is important to obtain pertinent background information about the healthcare entity followed by a discussion about some of the regulatory and licensing issues that may arise. Equally important is determining how the healthcare entity should be structured for asset protection and tax purposes. A corporate healthcare attorney like myself can determine whether it is best for you to create a corporation, LLC, or an LLP....
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