Re: new practice name vs. using personal name

[Guest guest]

It is probably state dependent. In NJ, I am an LLC but as a sole proprietor I

am considered a disregarded entity. The

LLC doesn’t not file a tax return, It’s a K-1 return or something

that is attached to my personal return.

I also found out that being an LLC in no

way protects personal assets except in PIP cases, like a slip and fall in the office. Malpractice, it’s all game.

Kathy Saradarian,

MD

new practice name vs. using personal name

I am opening my IMP next month and got an LLC registration/EIN# under a

new practice name. However, an attorney told me I must conduct all business

" as an LLC " and cannot accept any payments from pts or insurance to

my own name as an MD, as that is " comingling of assets " and voids the

protection of my personal property that the LLC affords.

Does anyone have experience with this?

Should I change the practice name just to my personal name, LLC? (which means I

have to start over with the state registration, new bank account, etc.)

I have asked other solo practitioners, my CPA, an attorney, other business

owners, and the on-line company through which I registered my LLC...and gotten

5 different answers. Although some people told me I could add my name as

" dba " , that is not true as you cannot add your personal name for DBA,

only another business name.

I am interested in others' experiences starting up.

[Guest guest]

Kathy,Sending regards your way....Sharon

Sharon McCoy MDRenaissance Family Medicine10 McClintock Court; Irvine, CA  92617PH: (949)387-5504   Fax: (949)281-2197  Toll free phone/fax: 

www.SharonMD.com

 

It is probably state dependent.  In NJ, I am an LLC but as a sole proprietor I

am considered a disregarded entity.  The

LLC doesn’t not file a tax return, It’s a K-1 return or something

that is attached to my personal return.

 

I also found out that being an LLC in no

way protects personal assets except in PIP cases, like a slip and fall in the office.  Malpractice, it’s all game.

 

Kathy Saradarian,

MD

 

new practice name vs. using personal name

 

 

I am opening my IMP next month and got an LLC registration/EIN# under a

new practice name. However, an attorney told me I must conduct all business

" as an LLC " and cannot accept any payments from pts or insurance to

my own name as an MD, as that is " comingling of assets " and voids the

protection of my personal property that the LLC affords.

Does anyone have experience with this?

Should I change the practice name just to my personal name, LLC? (which means I

have to start over with the state registration, new bank account, etc.)

I have asked other solo practitioners, my CPA, an attorney, other business

owners, and the on-line company through which I registered my LLC...and gotten

5 different answers. Although some people told me I could add my name as

" dba " , that is not true as you cannot add your personal name for DBA,

only another business name.

I am interested in others' experiences starting up.

[Guest guest]

Thanks Maggie,I am actually thinking through these exact questions. I have consulted preliminarily an accountant and small business attorney, but neither have brought up theses issues. I'm planning to open my IMP in the spring of 2013.Frederick Elliott MDBuffalo, NY

I am opening my IMP next month and got an LLC registration/EIN# under a new practice name. However, an attorney told me I must conduct all business "as an LLC" and cannot accept any payments from pts or insurance to my own name as an MD, as that is "comingling of assets" and voids the protection of my personal property that the LLC affords.

Does anyone have experience with this?

Should I change the practice name just to my personal name, LLC? (which means I have to start over with the state registration, new bank account, etc.)

I have asked other solo practitioners, my CPA, an attorney, other business owners, and the on-line company through which I registered my LLC...and gotten 5 different answers. Although some people told me I could add my name as "dba", that is not true as you cannot add your personal name for DBA, only another business name.

I am interested in others' experiences starting up.

[Guest guest]

I used PLLC, the insurances pay my practice not me.I actually have 2 corporations :1- my urgent care gig corp2- my practice corp.It is better to separate them, it is a doggy world out there, u can get in trouble for sellingHot coffee if u don't put a label on the cup.Adolfo E. Teran,MD

I am opening my IMP next month and got an LLC registration/EIN# under a new practice name. However, an attorney told me I must conduct all business "as an LLC" and cannot accept any payments from pts or insurance to my own name as an MD, as that is "comingling of assets" and voids the protection of my personal property that the LLC affords.

Does anyone have experience with this?

Should I change the practice name just to my personal name, LLC? (which means I have to start over with the state registration, new bank account, etc.)

I have asked other solo practitioners, my CPA, an attorney, other business owners, and the on-line company through which I registered my LLC...and gotten 5 different answers. Although some people told me I could add my name as "dba", that is not true as you cannot add your personal name for DBA, only another business name.

I am interested in others' experiences starting up.

=

[Guest guest]

According to the CA state medical board, " E. Pratt, MD " is dba " Oak Tree Internal Medicine. " . So if patients erroneously fill out a check made out to " Dr. Pratt, " I simply deposit in the " Oak Tree " account and account for it there.  I have not had an issue with it with my accountant or the bank.  We are an S corp.

Pratt

 

I am opening my IMP next month and got an LLC registration/EIN# under a new practice name. However, an attorney told me I must conduct all business " as an LLC " and cannot accept any payments from pts or insurance to my own name as an MD, as that is " comingling of assets " and voids the protection of my personal property that the LLC affords.

Does anyone have experience with this?

Should I change the practice name just to my personal name, LLC? (which means I have to start over with the state registration, new bank account, etc.)

I have asked other solo practitioners, my CPA, an attorney, other business owners, and the on-line company through which I registered my LLC...and gotten 5 different answers. Although some people told me I could add my name as " dba " , that is not true as you cannot add your personal name for DBA, only another business name.

I am interested in others' experiences starting up.

[Guest guest]

same here"Lynn Ho MD INC" is dba "North Kingstown Family Practice". I am S corpdoesn't matter who the check is made out to, could be lynn ho or lynn ho md or the other two aboveI sometimes get blank checks and once as a trial I wrote in name 'Mickey Mouse" and deposited it. as long as it goes to the right account and you declare it is income, I think you are fine from tax point of viewTo: From: kpratt.1022@...Date: Tue, 22 May 2012 06:32:34 -0700Subject: Re: new practice name vs. using personal name

According to the CA state medical board, " E. Pratt, MD" is dba "Oak Tree Internal Medicine.". So if patients erroneously fill out a check made out to "Dr. Pratt," I simply deposit in the "Oak Tree" account and account for it there. I have not had an issue with it with my accountant or the bank. We are an S corp.

Pratt

I am opening my IMP next month and got an LLC registration/EIN# under a new practice name. However, an attorney told me I must conduct all business "as an LLC" and cannot accept any payments from pts or insurance to my own name as an MD, as that is "comingling of assets" and voids the protection of my personal property that the LLC affords.

Does anyone have experience with this?

Should I change the practice name just to my personal name, LLC? (which means I have to start over with the state registration, new bank account, etc.)

I have asked other solo practitioners, my CPA, an attorney, other business owners, and the on-line company through which I registered my LLC...and gotten 5 different answers. Although some people told me I could add my name as "dba", that is not true as you cannot add your personal name for DBA, only another business name.

I am interested in others' experiences starting up.

[Guest guest]

That is technically totally true, all checks should be made to the corp. But in reality, banks will deposit anything to the account, so don't sweat it.

From: [ ] On Behalf Of Frederick Elliott [fmichaelelliott@...]

Sent: Tuesday, May 22, 2012 4:32 AM

To:

Cc:

Subject: Re: new practice name vs. using personal name

Thanks Maggie,

I am actually thinking through these exact questions. I have consulted preliminarily an accountant and small business attorney, but neither have brought up theses issues.

I'm planning to open my IMP in the spring of 2013.

Frederick Elliott MD

Buffalo, NY

I am opening my IMP next month and got an LLC registration/EIN# under a new practice name. However, an attorney told me I must conduct all business " as an LLC " and cannot accept any payments from pts or insurance to my own name as an MD, as that is " comingling

of assets " and voids the protection of my personal property that the LLC affords.

Does anyone have experience with this?

Should I change the practice name just to my personal name, LLC? (which means I have to start over with the state registration, new bank account, etc.)

I have asked other solo practitioners, my CPA, an attorney, other business owners, and the on-line company through which I registered my LLC...and gotten 5 different answers. Although some people told me I could add my name as " dba " , that is not true as you

cannot add your personal name for DBA, only another business name.

I am interested in others' experiences starting up.

[Guest guest]

LLC's were never meant to protect you from Mal practice, only all the other business related issues. We recently moved from a LLC to a Sub-S. This was for tax purposes only. We can pay much of our salaries as Dividends at a lower tax rate.

From: [ ] On Behalf Of Kathleen Saradarian [qualityfp@...]

Sent: Monday, May 21, 2012 11:35 PM

To:

Subject: RE: new practice name vs. using personal name

It is probably state dependent.

In NJ, I am an LLC but as a sole proprietor I am considered a disregarded entity.

The LLC doesn’t not file a tax return, It’s a K-1 return or something that is attached to my personal return.

I also found out that being an LLC in no way protects personal assets except in PIP cases, like a slip and fall in the office.

Malpractice, it’s all game.

Kathy

Saradarian, MD

new practice name vs. using personal name

I am opening my IMP next month and got an LLC registration/EIN# under a new practice name. However, an attorney told me I must conduct all business " as an LLC " and cannot accept any payments

from pts or insurance to my own name as an MD, as that is " comingling of assets " and voids the protection of my personal property that the LLC affords.

Does anyone have experience with this?

Should I change the practice name just to my personal name, LLC? (which means I have to start over with the state registration, new bank account, etc.)

I have asked other solo practitioners, my CPA, an attorney, other business owners, and the on-line company through which I registered my LLC...and gotten 5 different answers. Although some people told me I could add my name as " dba " , that is not true as you

cannot add your personal name for DBA, only another business name.

I am interested in others' experiences starting up.

[Guest guest]

Which is the S-Corp... Pratt, MD or Oak Tree Internal Medicine?

I have received conflicting answers from legal people as to whether I can use my

name, Maggie Wyatt, MD as a dba under Eugene Ideal Internal Medicine, LLC --

another told me I could not use my name, only another company name.

I'm not worried about being able to deposit checks, as many have pointed out,

the bank doesn't care. I'm more concerned with depositing checks made out to me

as an MD causing me to void my LLC protection.

thanks,

MW

>

>

>

> I am opening my IMP next month and got an LLC registration/EIN# under a new

> practice name. However, an attorney told me I must conduct all business " as

> an LLC " and cannot accept any payments from pts or insurance to my own name

> as an MD, as that is " comingling of assets " and voids the protection of my

> personal property that the LLC affords.

>

> Does anyone have experience with this?

>

> Should I change the practice name just to my personal name, LLC? (which

> means I have to start over with the state registration, new bank account,

> etc.)

> I have asked other solo practitioners, my CPA, an attorney, other business

> owners, and the on-line company through which I registered my LLC...and

> gotten 5 different answers. Although some people told me I could add my

> name as " dba " , that is not true as you cannot add your personal name for

> DBA, only another business name.

>

> I am interested in others' experiences starting up.

>

[Guest guest]

Which state? Appears different states have different rules.BTW, I deposit all my checks in my LLC, many have my name on them, doesn't matter as my accountant says that all the money is "mine" at the end.Ask accountant about accountant rules, NOT the atty.Just my opinion....M in Western PATo: Sent: Tuesday, May 22, 2012 1:23:29 AMSubject: new practice name vs. using personal name

I am opening my IMP next month and got an LLC registration/EIN# under a new practice name. However, an attorney told me I must conduct all business "as an LLC" and cannot accept any payments from pts or insurance to my own name as an MD, as that is "comingling of assets" and voids the protection of my personal property that the LLC affords.

Does anyone have experience with this?

Should I change the practice name just to my personal name, LLC? (which means I have to start over with the state registration, new bank account, etc.)

I have asked other solo practitioners, my CPA, an attorney, other business owners, and the on-line company through which I registered my LLC...and gotten 5 different answers. Although some people told me I could add my name as "dba", that is not true as you cannot add your personal name for DBA, only another business name.

I am interested in others' experiences starting up.