Jumping into the legal side of opening your private practice is extremely intimidating. You want to make the right decision and protect yourself as best you can. Making the wrong choice here could mean you losing your house down the line.
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A business entity is an organization that's formed to conduct business... Sole proprietorships and general partnerships are unincorporated businesses, while limited liability partnerships provide some liability protection for investors. Corporations and LLCs separate personal and business taxes and liability.
Every state has different laws as to who can file under which business entity, so we recommend checking with an accountant or lawyer to clarify which options are available to you.
The worst part of a sole proprietorship is the liability of it. Since you are starting that you and your business are the same things, if someone were to sue you they can take everything. For your business and personal life.
The reason I say be an LLC is if you are sued for something in your business, they can only go after your business assets and not your personal assets including your savings, cars, and house. Those things will all be safe. The same would be vice versa for you if you were sued in your personal life.
Another huge pro of being an LLC is you only have to pay taxes on certain things once.
