I am an OBGYN working in a rural hospital and am currently an independent contractor, who receives a W2 at the end of the year. I have done this for two years. I want to establish an S corp. Is this a good idea? How should one go about this? Hire an attorney, online site like legalzoom??? How/when would I apporach my place of business to change to total 1099? How much should one pay oneself as an employee? How many shares should an S corp have? Any help out there would be appreciated!!! As well a good accountant who works with physicians. Whatever the answer it has to be better than what I am doing now. I am paying through the teeth and writing off nothing.
Hi Tusker! Deciding how to operate your business can be a complex and daunting decision! Each option usually has its benefits and drawbacks. I would suggest contacting a local lawyer and perhaps even an accountant who could explain the legal and financial benefits of your options. If the budget is tight, try looking into schools in the area and utilizing the services of a student who might be nearing graduation and looking for work study experience or some type of intern work. You may find them to be less expensive. I personally prefer to have someone I can interact with face-to-face when it comes to legal and financial matters so I can't say as I would use an online site, however, if you are comfortable with that option, then most definitely utilize it. I found this article by Stephen L. Nelson online that explains S-Corps a little which might be helpful to you. Have you tried researching S-Corps and LLC's to determine the differences, pros and cons to see which would be a better fit for you? There is a lot of information online as well as here within the community! Just always be sure to research careful and only consider information and advice from qualified people. I hope this helps to answer some of your question and best of luck to you!!!
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