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 General Discussion - Business of Hypnosis
 Incorporation - LLC?
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ForumMaster

USA
669 Posts

Posted - 05/30/2003 :  03:13:48 AM  Show Profile  Visit ForumMaster's Homepage  Reply with Quote
From: KA3N (Original Message) Sent: 7/10/2001 4:04 PM

I'm about to complete training, and would like to know if anyone has incorporated him/herself before beginning their Hypnotherapy practice.

I'm somewhat confused with the corporate types, but it seems to me that the LLC (Limited Liability Company) would be the proper type.

While I only plan on a very small practice, perhaps two sessions per week, I do want to protect my personal assets from public liability.

Comments? Suggestions? Thanks!

- Don McCunney in PA

ForumMaster

USA
669 Posts

Posted - 05/30/2003 :  03:14:04 AM  Show Profile  Visit ForumMaster's Homepage  Reply with Quote
From: HypnoticSense Sent: 7/24/2001 8:25 AM

Hi Don, (7/24/01)

I recently opened my practice in florida where I live. When I spoke to my accountant regarding incorporation for my practice he said that it was completely unecessary until the practice started making $40,000 per yr. That takes a little of the headache away being that it saves you just a bit more when opening your practice. It sure adds up quickly. Anyway, you make want to double check if the same applies for you in your area. Best of luck to you.

Hypnoticsense
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ForumMaster

USA
669 Posts

Posted - 05/30/2003 :  03:14:18 AM  Show Profile  Visit ForumMaster's Homepage  Reply with Quote
From: spsummers Sent: 7/29/2001 8:39 PM

Don

I'm starting a practice in Oklahoma, in a small community. I went the LLC route - since I'm not selling a product, other then a service the paperwork amounted to 3 pages. Getting your federal tax number is where you need to start. In my state after getting my federal number (use their fax service it's faster) i filed with the sec. of state. May need to check there - my lawyer said she usually charges 700. for what I did on my own. LLC proctects you just as well as an incorporation is why I went LLC.

Steve
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ForumMaster

USA
669 Posts

Posted - 05/30/2003 :  03:14:48 AM  Show Profile  Visit ForumMaster's Homepage  Reply with Quote
From: HypnoDoc Sent: 9/20/2001 3:33 PM

It is my understanding that the incorporation process is more to protect your personal assets from legal action than any other reason. Should you be sued or get involved in a business related legal action your incorporated company would take the risk and not you personally. Although in some cases someone may still sue you personally as well Also in the case of ending a business you may find shelter in having the corporation go bankrupt rather than personally filing. Lastly, I know several companies that re-incorporate every few years under a slightly different name in order to further protect themselves.

I hope this helps,

Good luck,

HypnoDoc
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ForumMaster

USA
669 Posts

Posted - 05/30/2003 :  03:15:41 AM  Show Profile  Visit ForumMaster's Homepage  Reply with Quote
From: paul_cht Sent: 9/23/2001 4:50 PM

Based on your description of what you are trying to do, an LLC would be more of headache that a solution. If you are worried about protecting assets, then get a good insurance policy. The LLC is not that complicated to set up; however, you do inherit some additional accounting expenses. You also may not really protect anything. People like Landlords or other vendors may still personally want you on the hook. LLC is pass through entity and vendors know this. They are going to want you to sign anyway.

From a tax standpoint, you may be better off with a Sch C sole prop business that the expense of preparing separate returns and other schedule on your 1040. Get a good bookkeeping system and just keep it simple.

While an LLC sounds fancy, I am not sure you are any better off. If you are worried about your assets, get a good financial plan. Make sure you have adequate insurance protection. A good professional can help you do a review.
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