How to Start a Professional Practice in New York
At Xu Law Group, one of our areas of specialty is to help professionals set up their own practice legally. We work with physicians, dentists, pharmacists, psychiatrists, architects, engineers, physical therapists, designers and coaches to establish their businesses within the state of New York. Here is a list of professional service professions that may wish to register a PLLC:
Accountants
Acupuncturist
Architects
Athletic Trainers
Audiologists
Behavior Analysts
Chiropractors
Clinical Laboratory Technologists
Dentists
Doctors
Engineers
Geologists
Interior Designers
Land Surveyors
Lawyers
Massage Therapists
Medical Physicists
Mental Health Practitioners
Midwives
Nurses
Nutritionists
Occupational Therapists
Optometrists
Pharmacists
Physical Therapists
Podiatrists
Psychologists
Respiratory Therapists
Respiratory Therapists
Social Workers
Speech Pathologists
Veterinarians
Choose a Form of Business Entity
The first step of establishing your own practice is to choose the right form of business entity. Most solo and small size practices choose to form a PLLC (Professional Service Limited Liability Company). You may also choose to start a PC (Professional Corporation), a LLP (Limited Liability Partnership). PLLC allows the most flexibility when it comes to tax election, while PCs are great for growing practices who are eligible to elect the S-corp entity.
The main advantage of setting up your company properly as opposed to not registering your practice with the state is the ability to shield your personal assets from business assets. Secondary advantages of incorporating your practice includes being able to deduct business expenses from your income tax, taking out business loans, and buying professional insurance.
Setting Up EIN
You need an EIN number (Employment Identification Number) to open a business bank account. Some banks also require a company resolution to open bank account. These documents are all included in our Company Formation Service.
Included in Our Company Formation Package
PLLC naming requirement compliance
Business name availability check
Preparing Articles of Organization
Filing Articles of Organization with the New York Department of Education
Obtaining Certificate of Authority from New York Department of Education
Filing PLLC Articles of Organization and Certificate of Authority with New York Department of State, Division of Corporations
Filing certificate PLLC Articles of Organization with New York Department of Education
Preparing PLLC Operating Agreement
Preparing Statement of Authorized Persons
Preparing Written Consents
Filing for IRS Employment Identification Number (EIN Number)
Registered Agent Service for 1 year
Optional LLC Publishing Service
No Hassle, fully online service
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