I want to start a small medical billing business. Should I become incorporated or LLC or what?
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LLCs\n"Most people think that LLCs are probably the wave of the future," says Mark Luscombe, principal analyst for the federal and state tax group at CCH, an electronic and print publisher of tax and business legal information. "It's gradually supplanting other forms, except for companies that eventually are interested in going public."\n\nAdvantages: LLCs, like corporations, provide business owners with liability protection. That is, debtors will go after company assets, not your personal assets. That's a step up from partnerships and sole proprietorships when your personal assets may be used to settle a business debt. Unlike corporations, LLCs don't suffer from double-taxation, in which the corporate entity is taxed and then its shareholders' dividends are taxed as well. This benefit applies to LLCs that are classified as partnerships for tax purposes. An LLC tax preparer simply checks a box on his or her federal return to indicate how the organization will be taxed. Some states' tax laws mirror the federal government's treatment of LLCs.\n\nEarnings and losses pass through to the owners and are included on their personal tax returns. There's also less paperwork involved with running an LLC than a formal corporation: "No year-end minutes, no notification of shareholders of meetings and so on," says Dan Zabludowski, a partner with the law firm of Litow, Cutler & Zabludowski, an LLC with offices in Coral Gables and Fort Lauderdale, Fla.\n\nFinally, LLCs are the most flexible when it comes to organization. For example, there are fewer rules regarding who can be a shareholder. They also tend to be more informally run than a regular corporation.\n\nDisadvantages: Tax liability for an LLC varies by state. So if your company is going to operate in several different states, you'll have to know how they treat LLCs before electing to choose this type of corporate structure. An LLC also can't go public, so if you're the owner of a dot-com that envisions an initial public offering down the road, incorporation is a better route to take. Otherwise, you'll have to switch your company from being an LLC to being a corporation. That can add to the cost of your IPO.\n\nLawyers, who are less familiar with the newer LLCs than regular incorporation, also may charge more for helping you form an LLC than another corporate structure.\n\nThe cost of launching an LLC also varies by state. Some states charge more for a LLC than to incorporate, some charge less and some charge the same rate regardless of what form of corporate structure that you choose. A few states even charge special annual fees for LLCs. Finally some states require two or more partners for an LLC so if you're going into business solo, this business format is not for you.\n\nIncorporations\nA new business can form a C corporation or an S corporation. According to some press reports, the number of S corporations that are sprouting is actually surpassing the formation of C corporations in part because of the advantages inherent with S corporations. Most businesses just starting out will opt for the S classification.\n\nAdvantages: Unlike LLCs, both S corporations and C corporations can go public. For that reason, venture capital companies prefer to work with corporations rather than with LLCs. S corporations, like LLCs, don't suffer from double taxation. C corporations may face double taxation, but they can have incentive stock option plans.\n\nDisadvantages of corporations: As mentioned previously, C corporations face double-taxation, but S corporations also have drawbacks. Their chief disadvantage is that the number of shareholders that an S corporation can have is capped at 35, according to Zabludowski. In addition, there are limitations on who can be a shareholder in an S corporation, adds Simon Lincoln, a solo law practitioner in New York City. "S corporations can't have a corporation or a fo
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I'm not an accountant, but I have a corporation in Texas.  Either way, it's expensive and you're going to spend several hundred dollars, so if your business doesn't have much liability now, you may want to wait and just file a DBA as a partnership.\n\nFor either of them, you need to file with the Secretary of State, here's the link, it'll tell you how to file, fees, etc.\nhttp://www.sos.state.tx.us/corp/businessstructure.shtml\n\nWith your size business, if you go as a corporation, you should elect to be an "S" corp.  This is very easy and lets you pass any profits from the corporation to the shareholders as wages.  Any losses are passed to the shareholders and you deduct from you personal taxes.  The corporation files a year end tax form, and K-1 showing the percentages for each shareholder.  You then file a supplement page with your 1040.  \n\nThe main difference with the LLC I think is record keeping.  If you're a corporation, you need to have annual meetings, keep articles of incorporation, detailed records of any changes.  Costs are about the same.   I forget the filing fee, but I think it's like $400 to register the name and paperwork.  You don't need a lawyer if you can find the paperwork that'll show you what you need.\n\nFranchise tax is nothing to worry about.  As a corp in Texas, you need to file 2 forms with the state every tax year.  One just shows the names of the directors and the other is your income; but if it's less than $250,000, you don't owe anything.
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Become a Certified Medical Biller
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Usually depending on the size of your business it is a good idea to let the company attorney do these contracts for you but you can do this yourself. Do the contract in simple terms that you can understand basically stating the services that you will provide for the cost that they will pay
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INC or Incorporated...
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You may wish to contact the SBA ( http://www.sba.gov/ ) or SCORE ( http://www.score.org/ ) for help in starting a business.  They are excellent resources for a small business just starting out (and free, too!).  You should also look into either setting up a corporation of LLC to protect yourself legally.  Contact your state for the guideline involved in that.
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Do you have the papers to verify the existence of the LLC?  Because, for what you said, I think you should check Option h and you meet the requirements for Exception 1, you have a partnership interest.
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Due to the complexity and extra cost of opening a corporation, I would suggest an LLC.  With a one member llc it is treated much like a sole proprietorship.  Gains will be taxed at your personal rate.  But if you live in this home for 2 out of 5 years, then you are entitled to a 250k exemption from the sale of the home.  If you plan on buying and selling many houses then maybe an Inc would be better.  Consult a lawyer and/or CPA.  It all depends on the facts and circumstances and how big you plan on becoming with your investment activities.  Inc are easier to get financing... LLC is cheaper and you can open quite easily by yourself.
92497
You should get yourself a Lawyer to Incorporate your business.  Then it's relatively easy keeping the Corp. up
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Check with the Secretary of State. Usually, LLC's have to register their businesses.  Several states have this information online.
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The article "LLCs vs. C Corporations" http://www.powerhomebiz.com/vol97/llcs.htm shows the differences and similarities between the two legal structures.\n\nOther articles that can help you decide the best legal structure for your business can be found at: http://www.powerhomebiz.com/startup/legal.htm\n\nStarting a small business takes a lot of courage. But, as they say, courage does not pay the bills. To be successful – to stay in business – you need more than courage. You need a combination of hard work, skill, perseverance, and lots of luck. \n\nSome things you need to consider:\n- "How can I support my family while I build up by business?" \n- "What are my abilities?" \n- "Is there a market for the product or service I have chosen?" \n- "How long will it take this business to reach the financial goal I have?" \n\nYou may want to read the article "How to Start a New Business Successfully" http://www.powerhomebiz.com/vol51/launch.htm , which lists six steps to launch a new business successfully:\n\n1. Provide a benefit.\n2. Determine the fit with your market.\n3. Right timing is everything\n4. Be ready to support your business\n5. Develop a blueprint for success\n6. Market, market, market\n\nI recommend that you read the following books:\n\n- What No One Ever Tells You About Starting Your Own Business : Real Life Start-Up Advice from 101 Successful Entrepreneurs \n- Starting From Scratch: How To Start A Business When You Don't Have Money \n- If You're Clueless About Starting Your Own Business and Want to Know More \n- On the Move : How to Succeed and Survive As an Entrepreneur \n- How to Make 1000 Mistakes in Business and Still Succeed \n\nYou may also want to read the articles:\n\nHow to Start a Successful Consulting Business http://www.powerhomebiz.com/vol83/consulting.htm\nSeven Keys to Building a Profitable Consulting Business http://www.powerhomebiz.com/vol5/consulting.htm\n\nAlso check out the following consulting specific books to help guide you as you start your consulting business\n\n- Getting Started in Consulting \n- The Consultant's Quick Start Guide: An Action Plan for Your First Year in Business \n- How to Make It Big As a Consultant \n- The Seven Cs of Consulting: Your Complete Blueprint for any Consultancy Assignment \n- Million Dollar Consulting, New and Updated Edition: The Professional's Guide to Growing a Practice
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A Limited Liability Company (LLC) has characteristics of a corporation and a partnership. An LLC allows its owners not to be personally liable for debts or liabilities of the business like a corporation, but have the tax benefits of partnerships. The owners of an LLC are called members which are somewhat analogous to shareholders. A member can be a natural person, a corporation, a partnership, or another legal association or entity. Unlike corporations or sole proprietorships, which may be formed by only one person, in most states, LLC's must be formed and managed by two or more members. The members may run the LLC themselves or through appointment of managers, who have similar levels of fiduciary duty to the LLC as do Directors of a corporation.\n\nLLCs are easier to create than corporations and forming one may be the best thing you can do for your business.   Here are the steps you need to take to make your LLC a legal reality.\n   1. Choose an available business name that complies with your state's LLC rules.\n   2. File formal paperwork, usually called articles of organization, and pay the filing fee (ranging from about $100 to $800, depending on your state's rules).\n   3. Create an LLC operating agreement, which sets out the rights and responsibilities of the LLC members.\n   4. Publish a notice of your intent to form an LLC (required in only a few states).\n   5. Obtain licenses and permits that may be required for your business.\n\nThe name of your LLC must comply with the rules of your state's LLC division. (Typically, this office is combined with the corporations division, and is part of the secretary of state's office.) While requirements differ from state to state, generally:\n    * the name cannot be the same as the name of another LLC on file with the LLC office\n    * the name must end with an LLC designator, such as "Limited Liability Company" or "Limited Company," or an abbreviation of one of these phrases (such as "LLC," "L.L.C.," or "Ltd. Liability Co."), and\n    * the name cannot include certain words prohibited by the state, such as Bank, Insurance, Corporation or City (state rules differ on which words are prohibited).\n\nYour state's LLC office can tell you how to find out whether your proposed name is available for your use. Often, for a small fee, you can reserve your LLC name for a short period of time until you file your articles of organization.\n\nAfter settling on a name, you must prepare and file "articles of organization" with your state's LLC filing office. While most states use the term "articles of organization" to refer to the basic document required to create an LLC, some states use the term "certificate of formation" or "certificate of organization."\n\nOne disadvantage of forming an LLC instead of a partnership or a sole proprietorship is that you'll have to pay a filing fee when you submit your articles of organization. In most states, the fees are modest, typically around $100. In a few others, they take a bigger bite: this includes California, which charges an $800 annual tax on top of its filing fee.\n\nArticles of organization are short, simple documents. You can usually prepare your own in just a few minutes by filling in the blanks and checking the boxes on a form provided by your state's filing office. Typically, you must provide only your LLC's name, its address, and sometimes the names of all of the owners, called members. Generally, all of the LLC owners may prepare and sign the articles, or they can appoint just one person to do so.\n\nYou will probably also be required to list the name and address of a person, usually one of the LLC members who will act as your LLC's "registered agent," or "agent for service of process." Your agent is the person who will receive legal papers in any future lawsuit involving your LLC.\n\nOper
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Any time you want to start; be sure you know the local licensing requirements. Then be sure to contact your agent about Bonding and Liabilty insurance. Find some partners unless your extremely proficient in your choosen area. Start small and don't over extend unless you have 100 / 200K$ to float around for parts and labor. Best advice is to go slow and pass alot of bussiness cards around. Your reputation is your best salesman. I know I have my own electrical bussiness and have decided to keep it small after alot of suffering and nights of worrying.
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Im a medical biller/coder. Have been for 7 yrs now.  Im state certified in coding which I obtained thru my local vocational school.  As far as billing, I do not know of anyone who is certified, its all hands on experience due to insurance company policies changing on a regular basis.
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probably just a vendor's license.  get in touch with your local vendor's license bureau and check with them.  I started my company 5 yrs ago and it has grown to selling products that are for doctors offices and can be used in hospitals, and no one has asked for any other licenses.\ngood luck
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Very complete source for every & @ll legal procedures; i liked what i briefly saw. (fyi) you may go directly to State Dept to start filing your Limited Liability Partnership,[at least here in my jurisdiction]co. even w/out notarizing, but if you want to make it that way, perfect; You may also consider an Incorporation since the benefits are extent on behalf of both partties-you as a service/professional provider or licitator and clients/co's that contracts you; If you incorporate and your customers dissagree and start any litigation for insatisfaction against you as resident agent[official incorporator] your private assets  / properties, house, land, personal vehicles won't be in risk, only the assets under corporation will be the ones to respond. Plus you will have higher financial rate when incorporated since corporation acquires its own juridical personality-versus you as an individual in a  Limited Society-partnership.
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I think anything that blends medicine and IT together will be a money making machine. If you're independent IT, solicit to hospitals. IF you're not and you're looking for full tiem work, that might be a little harder to find because they might not know that they need you !