The beginning of any effort can be difficult especially in a trade as big as the healthcare industry. Fortunately, you have the option of creating an LLC or a limited liability company, the simplest business entity to form and operate.
Unlike any traditional corporation, it’s not necessary to have board members or shareholders and the other administrative burdens that come with it so it has certain flexibilities that are only possible with LLCs. But forming an LLC is not a walk in the park either, it needs the same commitment required of any new endeavor which is why you need your own consultants to guide you in the process.
We know this firsthand as a provider of consulting services in Phoenix, Arizona at Consulting Experts LLC. Thus, before starting your own LLC, consider these first:
It is more costly to form and operate an LLC compared to a proprietorship or a partnership. You need to shell out filing payments, taxes, and other fees.
- Investment Downsides
Forming an LLC can make seeking outside investors difficult as the process is more complicated and is less common than doing so with a corporation.
- Fringe benefits are taxable
Group insurance and medical reimbursement plans, among other fringe benefits must be considered taxable income.
Are these risks something you can get behind? Let our expertise guide you. Our consulting firm in Arizona through a dedicated health care consultant can help you make the most ideal decision for your situation. Get in touch with us.