One of our specialties at Thomas Law Firm is helping medical professionals set up new businesses. We’ve worked with many Physicians, Physician Assistants, Registered Nurses and mental health professionals to get their companies set up and registered with the State of New York.
FORM A LEGAL BUSINESS ENTITY
Many clients in the medical field will choose to form a PLLC business entity (Professional Service Limited Liability Company). This is a great option for solo practitioners or partners starting a small medical office in New York. Physicians may also form a PC (Professional Service Corporation) or LLP (Limited Liability Partnership) although these options are not as popular in my experience.
Setting up a PLLC provides the owners many benefits, namely, limited liability protection and protection of one’s personal assets. Note, that professionals can’t form a regular LLC or Corporation; the New York Department of State requires that the company’s organizational documents are compliant for professional service companies and must be accompanied by a Certificate of Authorization issued by the New York Department of Education.
MEDICAL PRACTICE NAMING RESTRICTIONS IN NEW YORK
The name of the your new practice must conform with the naming restrictions implemented by the New York State Education Department. We do a name a clearance search in advance of every formation project make to sure that the name is available for registration and compliant with their list of restricted words and phrases. The name of the company must also accurately describe the professional’s practice and certain documentation may be required if any specialty certifications are held by the Members.
OPEN BANK ACCOUNTS
Once your entity is established you’ll need an EIN number (Employer Identification Number) to open a business bank account. These are also referred to as a Tax ID Number and are issued by the IRS. We include these as part of our professional practice formation services.
OPEN YOUR BUSINESS
Once the company is legally established you can secure malpractice insurance, hire staff, sign a commercial lease and hang your shingle. If you’re interested in starting your own medical office contact us for a free phone consultation.