Tips for Determining Your Legal Structure

What's the best business structure for your practice? Here are some resources to help you make the right choice for you and your practice.

Planning

Tips for Determining Your Legal Structure

When I'm talking with students and new D.C.s, a very common question I get is “What is the best business structure for my practice?”  Unfortunately, I can't answer this question with anything other than “It depends.” Business structure decisions are not a one-size-fits-all situation.


Any decision regarding how you structure your practice should be done with sound advice from your attorney and/or accountant. There are many issues to consider, including the laws of your state.

But getting educated before talking to advisors is always a good idea. It will help you identify questions to ask and save time the advisor would need to spend educating you about business structure options. Time you will be billed for.

So, check out this series of articles from Entrepreneur. It goes through the different structures, pros and cons, and identifies many issues to consider when structuring your practice.

Reading this will be time well spent as you move forward on establishing your practice.


The information in the NCMIC Learning Center is offered solely for general information and educational purposes. It is not offered as, nor does it represent, legal or professional advice. Neither does this information constitute a guideline, practice parameter or standard of care. You should not act or rely upon this information without seeking the advice of an attorney familiar with the specific legal requirements of the state(s) in which you practice. If there is a discrepancy between the site and an insurance policy you have with NCMIC, the policy will prevail.