Business Formation
At SimpliMD we are experts at helping physicians set up their own individual corporations.
Incorporation
One of the greatest professional powers you have earned is the right to incorporate yourself. In recent years, doctors have flocked to traditional employment, and have abandoned this power. This is due to the widely accepted mindset that incorporation is synonymous with private practice.
It turns out that modern incorporation can take on many forms that extend beyond the notion of private practice. Much like athletes, entertainers, and other professionals, you can individually incorporate yourself as a mini-business. This is an important step for every doctor because it helps you preserve all of the professional powers you have earned during your training. This micro-business structure envelopes you as an individual professional. Ultimately it helps you avoid burnout due to its positive effect on your autonomy as well as your financial health.
PC-Employment Lite
How you use your corporation is then up to you.
At SimpliMD we specialize in helping traditionally employed physicians convert to PC-employment lite contracts.
However, this is not the only way that you can use your own corporation.
Some will use it for side hustles only, some for independent contracting-locums work and other will use to go off the grid as you provide direct medical care outside the hastles of third parties.
Of course, you can also still do a private practice through your corporation.
The bottom line is that you have many options for doing your job as a doctor and incorporation supports all of them including employment.
Our goal is to help you incorporate as a foundation for thriving as a doctor. When you choose SimpliMD for this process you will be guided by a legal professional who will provide you with the following components at a flat fee.
Scope of Services Includes:
- Name the corporation
- Identification of Registered Agent
- File Articles of Incorporation with your state
- File a business entity report with your state
- For Professional Corporations, register with your state’s governing medical board
- Draft your ByLaws (PC) or Operating Agreement(LLC)—which are the rules and procedures that govern your business
- Register you with the federal government to obtain your EIN (employer identification number)
- Tax coaching to determine S Corp or C Corp designation
- Agency support with business coaching
- Legal support associated with your setup process including up to 3 months of basic legal tail support
- Collaboration with your existing business professionals
- Option to have SimpliMD provide corporation maintenance services
