Business Law

Ask a business lLawyer. Get business law questions answered ASAP.

Ask a Lawyer,
Get an Answer ASAP!

I am looking in to opening an LLC or professional

Customer Question
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: 6 months ago.Category: Business Law
Show More
Show Less
Ask Your Own Business Law Question
Answered in 5 minutes by:
12/22/2017
Business Lawyer: Legal Eagle, Lawyer replied 6 months ago
Legal Eagle
Legal Eagle, Lawyer
Category: Business Law
Satisfied Customers: 13,435
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.

Ask Your Own Business Law Question
Customer reply replied 6 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 6 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?

Ask Your Own Business Law Question
Customer reply replied 6 months ago
No worries! No it will just be me
Business Lawyer: Legal Eagle, Lawyer replied 6 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?

Ask Your Own Business Law Question
Customer reply replied 6 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 6 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?

Ask Your Own Business Law Question
Customer reply replied 6 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 6 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.

Ask Your Own Business Law Question
Business Lawyer: Legal Eagle, Lawyer replied 6 months ago

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

Ask Your Own Business Law Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a business lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Legal Eagle Your Own Question
Legal Eagle
Legal Eagle
Legal Eagle, Lawyer
Category: Business Law
Satisfied Customers: 13,435
13,435 Satisfied Customers
Experience: Licensed to practice before state and federal court

Legal Eagle is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Infolawyer

Infolawyer

Attorney

2,002 satisfied customers

Experienced lawyer

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

1,611 satisfied customers

Run my own successful business/contract law practice.

MShore Law

MShore Law

Attorney

1,233 satisfied customers

Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements

RGMacEsq

RGMacEsq

Attorney

778 satisfied customers

Licensed Texas General Practice Attorney

Barrister

Barrister

Attorney

678 satisfied customers

17 years practicing attorney, JD, BA, MBA

Ely

Ely

Attorney

604 satisfied customers

Counselor at Law.

J.Hazelbaker

J.Hazelbaker

Attorney

393 satisfied customers

Experienced and trained in the area of business law.

< Previous | Next >

Related Business Law Questions
My friend is a physical therapist. he wants to open a
My friend is a physical therapist. he wants to open a corporation. His concern is which type of corporation would be best for him. it would be Inc, LLC, PC or PLLC? Does he even have choice of opening… read more
WiseOwl58
WiseOwl58
JD Honors Graduate
4,198 satisfied customers
I am in the beginning stages of consulting again (industrial
I am in the beginning stages of consulting again (industrial safety and injury prevention) after a few years and one of my first potential clients is a multinational in Mexico. Ironically, my spouse i… read more
Richard - Bizlaw
Richard - Bizlaw
Juris Doctor
3,770 satisfied customers
I have just recently formed a single participant LLC in New
I have just recently formed a single participant LLC in New Mexico. I am planning to move to Colorado. Do I need to end my LLC or can I transfer it, OR do I need to do anything? Thank you.… read more
Legal Eagle
Legal Eagle
Lawyer
Doctoral Degree
13,435 satisfied customers
Esq. If a company ABC which have already registered and
For William B. Esq. If a company ABC which have already registered and operated overseas, want to operate business in the U.S. Is it a requirement for ABC to registered a new affiliate or company, or … read more
CalAttorney2
CalAttorney2
Attorney
Doctoral Degree
8,845 satisfied customers
I am a clinical psychologist and currently employed (W-2).
I am a clinical psychologist and currently employed (W-2). Last year, 2014, I created an LLC in the State of Hawaii, with a plan to start my own private practice. It is a sole member LLC (company name… read more
Law Educator, Esq.
Law Educator, Esq.
Attorney At Law
Doctoral Degree
244 satisfied customers
Can a Professional Limited Liability Corporation form as a
Can a Professional Limited Liability Corporation form as a non profit? If not, what corporate strucute can be used to allow nurses, social workers, physical therapists, occupational therapists to prac… read more
CalAttorney2
CalAttorney2
Attorney
Doctoral Degree
8,845 satisfied customers
, I'm planning to open a LLC company but I am from mexico
, I'm planning to open a LLC company but I am from mexico city, last year(2014) I was hired to work in the US with a TN visa and with that I got my SSN, now I'm in mexico again and planing to run the … read more
Law Educator, Esq.
Law Educator, Esq.
Attorney At Law
Doctoral Degree
244 satisfied customers
I have a day spa in California and would like to register it
I have a day spa in California and would like to register it as an LLC. Can I do this under California Business and Profession Code? Or, it has to be a corporation? My business is currently a sole pro… read more
CalAttorney2
CalAttorney2
Attorney
Doctoral Degree
8,845 satisfied customers
Im a licensed massage therapist in FL with my own S Corp.
I'm a licensed massage therapist in FL with my own S Corp. I'm interested in being a brand distributor for a MLM corporation. The product is in the realm of skin care but is not something I would use … read more
TexLaw
TexLaw
Attorney
Post-Doctoral Degree
4,347 satisfied customers
I am a massage therapist from New Jersey. I moved to Syracuse,
I am a massage therapist from New Jersey. I moved to Syracuse, New York. I am currently pursing my license to practice in New York. I have a business called "The Hands of Experience/Center for the Art… read more
Lucy
Lucy
Juris Doctor
130 satisfied customers
I am a looking to create an LLC to provide home health physical
I am a looking to create an LLC to provide home health physical therapy in VA. Do I need to create a PLLC instead? Would an S-Corp also work?… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,935 satisfied customers
Hi, We are three italian Non-US Residents individuals who
Hi, We are three italian Non-US Residents individuals who wish to purchase a 50% interest in a Florida based LLC. The LLC Company is active in the fashion market, importing products from Italy and res… read more
TJ, Esq.
TJ, Esq.
Juris Doctor (JD)
11,423 satisfied customers
LLC asset protection. we live in fl. a new mexico llc was
LLC asset protection. we live in fl. a new mexico llc was established as a holding company, with 5 members not all related. one member is the managing member. under the llc name and EIN number we set … read more
TexLaw
TexLaw
Attorney
Post-Doctoral Degree
4,347 satisfied customers
In the State of Wisconsin... as a psychotherapist....why must
In the State of Wisconsin... as a psychotherapist....why must I have malpractice insurance, business insurance and become an LLC? It seems like coverage may be overlapping. I am considering utilizig s… read more
WiseOwl58
WiseOwl58
JD Honors Graduate
4,198 satisfied customers
I am a physical therapist in oklahoma planning to open a business
I am a physical therapist in oklahoma planning to open a business with my wife who is a speech pathologist. I am somewhat confused as I have been told that since I have a professional state license I … read more
WiseOwl58
WiseOwl58
JD Honors Graduate
4,198 satisfied customers
NM Lawyer only. If an Oklahoma LLC is being sued in NM and
NM Lawyer only. If an Oklahoma LLC is being sued in NM and they are suspended in thier home state. What is the law regarding their rights to defend themselves in NM? Please the number and what that la… read more
rvlaw
rvlaw
Judge
Juris Doctor
3,203 satisfied customers
We have a nonprofit affordable housing real estate development
We have a nonprofit affordable housing real estate development company that does fundraising to supplement its business activities. although the company does not have any real estate in New mexico and… read more
PhillipsEsq.
PhillipsEsq.
Attorney
JD
822 satisfied customers
I am a Professional Engineer and I established a Professiona
I am a Professional Engineer and I established a Professional Corporation Firm in New York in Oct 2008 as the only director. I had an agreement with a partner who is not licensed as a Professional Eng… read more
Law Educator, Esq.
Law Educator, Esq.
Attorney At Law
Doctoral Degree
244 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x