Two tasty morsels for your physician business

Two emails came across my desk yesterday, each with part 1 of a 5-part series that I thought you'd find valuable as you look to ways to form, and succeed at, your entrepreneurial physician venture or medical practice.

The first is article 1, "Forming a Sole Proprietorship" in a 5-weekly series from the Wall Street Journal Online on what the best legal entity is for your new company and business, whether you're starting a business from home or opening a large-scale operation.

In their words:

Don't underestimate the importance of your choice, as the legal entity you choose will affect how much personal liability you face, how much you pay in taxes and how in- depth your new company's record keeping will need to be. Your business structure can take one of five basic forms: the sole proprietorship, the partnership, the regular or C corporation, the S corporation, and the increasingly popular limited liability company or LLC. (bolding mine)

I shall try to keep track of the 4 future episodes to bring them to you.

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The second email was from Mitch Meyerson who I follow religiously. It's titled "Success Roadblock #1: Understanding Your Craft, But Not Your Business"  from his 5-part series Breaking Through Roadblocks To Business Success. You can subscribe to his excellent blog to get the rest of the series. He is the author of one of the highly recommended books on my list -- "Mastering Online Marketing".

I love one of his success tips (it's one I keep having to work on!)

Play to your strengths, passions and skills. Do what you do best and let others help you.  Build a team of people – employees, consultants, strategic partners, and the like – who are more skilled that you in key areas

Update on Tuesday, March 9, 2010 at 03:00PM by Philippa Kennealy

Here is the WSJ part 2 article (Forming a Partnership) on what entity to create for your business.

Update on Tuesday, March 16, 2010 at 02:17PM by Philippa Kennealy

Here's the third WSJ article, on Forming a C Corporation

Update on Tuesday, March 23, 2010 at 08:04AM by Philippa Kennealy

Now here is the fourth article on Forming an S Corporation.

Update on Tuesday, March 30, 2010 at 09:50AM by Philippa Kennealy

This is the fifth and final article: Forming an LLC

Comments

[Natalie Hodge MD FAAP]

Hi Philippa, as always a pertinent post for the physician entrepeneur!! Haven't heard from you in a while... How are you? Check out some new developments in our platform here... love to have your feedback

http://personalmedicine.com/pmi/

The fully functional virtual office platform brings cost reductions of 80%. Ecommerce eliminates the third party and associated costs and staff... Integrated PHR eliminates all the front office folks to administer the record, make appointments, answer phone calls. And then you don't need that other person to manage all the people... Voila'

Hope you are well,

Natalie Hodge MD FAAP
www.personalmedicine.com
nhodge@personalmedicine.com

[Philippa Kennealy]

Hi Natalie

You certainly are on the move -- it looks great. I shall follow your progress eagerly and figure out who might want to explore this option.