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I am looking in to opening an LLC or professional

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I am looking in...

I am looking in to opening an LLC or professional corporation as a physical therapist in NM. I currently work for an established company and will continue to do so, this would be a side business for me.

Lawyer's Assistant: Can you tell me what state the LLC is registered in?

New Mexico

Lawyer's Assistant: Has anything been filed or reported?

No

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No thank you

Submitted: 3 months ago.Category: Business Law
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12/22/2017
Business Lawyer: Legal Eagle, Lawyer replied 3 months ago
Legal Eagle
Legal Eagle, Lawyer
Category: Business Law
Satisfied Customers: 10,171
Experience: Licensed to practice before state and federal court
Verified

Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today.

Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only. What specific questions did you have? I have an idea about your situation, but I don’t want to make any assumptions.

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Customer reply replied 3 months ago
I am wanting to create a business for myself as a physical therapist in New Mexico. I am wanting to know how I should do this? Can I do an LLC or does it need to be a corporation or something else
Business Lawyer: Legal Eagle, Lawyer replied 3 months ago

Thanks so much for your patience. I apologize for the long delay as I was unavailable for the holidays. So, I just have a few questions:

1. Do you plan on having employees?

2. Do you plan on having business partners or investors?

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Customer reply replied 3 months ago
No worries! No it will just be me
Business Lawyer: Legal Eagle, Lawyer replied 3 months ago

Thanks for your patience. So, you may want to consider an LLC. An LLC is a "pass through" entity that also provides some legal protection for you in the event of a lawsuit. What I mean by pass through is that normally a corporation is going to be taxed individually and the money you receive as income will be taxed on your personal income taxes. With an LLC, the organization is not taxed and the taxes "pass through" directly to you and you just report the income you take out of the LLC on your tax returns. In addition, because an LLC is a distinct legal entity, if you are sued, then they have to sue the LLC and not you individually, meaning that your personal assets will be protected. Many times, the state has a small fee for getting set up and will require a small fee each year to keep the LLC running.

The other option is an S-Corporation . An S-corporation acts very similarly to an LLC in terms of being a pass through entity and in terms of the legal protection; however, with an S-corporation, you have to get a board of directors who then will hire executives to run the company. This is usually for more complicated organizations. You may not need to do something like this yet if it is just you. You may not need to do it at all depending on whether you want a board of directors.

The final option is a C-corp. A C-corp is the same as an LLC and an S-corp, with the addition that a C-corp, like an S-corp, has a board of directors and they are taxed separately. Most very, very large corporations are C-Corps like Amazon or Microsoft. If it is just you, I wouldn't recommend this.

So, to get started, I usually recommend going to a place like legalzoom.com and getting set up there. They usually take care of the paperwork and make it extremely easy for you to get started. The first thing you should do is check to see if the name you want is taken with your local secretary of state's office, if not, then go to www.legalzoom.com, then you can pay usually around $1,000 for their kit to get started. You'll fill out the paperwork and they will basically give you a print out you can send to the state to get approval as an LLC, S-corp, or C-corp. In your case, i recommend an LLC as it is extremely popular.

Did you have other questions for me regarding this?

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Customer reply replied 3 months ago
As a liscensed medical professional, I am getting mixed answers on if I can make myself an LLC or not. Can I do something as simple as an LLC?
Business Lawyer: Legal Eagle, Lawyer replied 3 months ago

I'm sorry to hear you're getting mixed answers. Could you describe for me what else you've been told so I can provide you with accurate information?

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Customer reply replied 3 months ago
I have been told that in New Mexico liscensed health care professionals have to do something other than an LLC... but I don’t know what it is that I need to do or if this is accurate information?
Business Lawyer: Legal Eagle, Lawyer replied 3 months ago

Interesting. Ordinarily, that is something that you have to consider. For example, in California, attorneys must start an limited liability partnership as we are not allowed to open corporations if we're engaged in the practice of law However, I cannot find any authority that suggests that this is the case. It is more likely that you are not allowed to form a c-corp or an s-corp the more I read. An LLC is likely going to be the cheapest, easiest, and most legally compliant way for you to start your organization.

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Business Lawyer: Legal Eagle, Lawyer replied 3 months ago

Hi, I just wanted to check in with you to see if you had any further questions for me today?

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