Hello my fellow veterans,
I am close to being able to retire from my full time day job early and I am interested in doing part time locum work around the country. To do that I will need an LLC. I am in the medical field and ex USN MSC. The typical answer I get to this question by business guys or CPAs is "form an LLC in the state you'll be doing business". But with potential to do business in all 50 states for short terms contracts (less than 13 weeks) this sounds impractical and unreasonable. Any feedback is greatly appreciated!
Savvas, An LLC lets you take advantage of the benefits of both the corporation and the sole proprietor (partnership) business structures. LLCs protect you from personal liability in most instances, your personal assets — like your vehicle, house, and savings accounts — won't be at risk in case your LLC faces bankruptcy or lawsuits. Profits and losses can get passed through to your personal income without facing corporate taxes. However, members of an LLC are considered self-employed and must pay self-employment tax contributions towards Medicare and Social Security. LLCs can be a good choice for medium- or higher-risk business owners with significant personal assets they want protected, and owners who want to pay a lower tax rate than they would as a corporation.
However, be careful taking legal advice from anyone other than a business attorney. In some states, medical professionals cannot form a Limited Liability Company (LLC). Instead, you may be required to form a Professional Limited Liability Company (PLLC) or a Limited Liability Company-Professional (LLC-P) and include malpractice insurance to manage the risks. Also, you may be able to register in other states (besides your primary state of business) as a 'foreign entity'. It is critical that you consult a legal professional to choose your business entity https://www.sba.gov/business-guide/launch-your-business/choose-business-structure
Contact your VBOC at https://www.nmvboc.org
You can file the LLC yourself, you won't need LegalZoom. I think highly of Nolo Press & they have a good how-to book for you https://store.nolo.com/products/business-suite?SID=857lohcscke3i0li7sp0fetbq3
Your home state?
Your home state? Delaware? Wyoming? Nevada?
log onto the ACP webpage,
click on the ACP Advisornet tab, & select the "Community" icon.
Under the "Advisors" tab, select "Legal" from the "Refine by" pull down box.
(Other selections include: Small Business, General Business ... ),
Look for the "Show More" box at the bottom of the page.
Examine the advisor profiles, & use the ACP message feature for advice.
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