Incorporate?

[hockeyking_21]

I've been helping my MT get some of her advertising put together and freshened up. She's been in the business for 2-3 years now. While going over some of the ad work, I realized that she has never incorporated in anyway (LLC, S-corp, etc.). I thought it was a little odd since most of my other clients alwasy do that as part of their first "order of business" mainly to protect private assets from anything which happens in the business end of things.

Just wondering what most of y'all on the list have done for your practices? Is it "normal" for MTs not to incorporate in anyway?

Thanks.

(I'm asking since she is not very computer-savvy, and doesn't even have one.)

 

[ADEE]

I practiced as a DBA for about 12 years before incorporating.

 

[Cyclist 2300]

I am currently working as a DBA. I will incorporate when it becomes prudent to do so. At this point, I have no personal assets worth anything (divorce took it all). My car is 12 years old, I rent, and even my furniture is 2nd hand/garage sale stuff. I am properly insured, which would cover me in case of a lawsuit. All I have of value is business equipment, anyway!

I do think it is very common to work as a DBA, at least for the first few years. Incorporating is expensive, but at some point can be the better way. An MT who is married, has a house & car with the spouse, or has stocks, bonds, other major assets would probably need to become incorporated before opening the doors. I do outcall work, so I don't even have doors, LOL!

I will be interested to see the responses you get. Thanks for asking!

 

[fixer29]

I'm with Sharon. I also rent and have an older car, and no assets to speak of. I am currently DBA as well. I do know of other therapists in my area that are LLC, but I don't know what their personal situations are.