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Marrying a Private Practice: A Series of First Dates

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1.  If currently employed, when is the best time to stop working? Depends on your contracts with your current employer. The first day you think about opening a private practice. One year prior to opening/seeing patients at the new practice. After obtaining your Federal Tax ID Number.

2.  Which of the following is NOT one of the first things to start in the business formation? Business Plan Obtaining a Medicare PTAN Finding a lawyer Choosing a name for the practice

3.  When determining a business entity/type, one should consider: The number of owners. The liabilities and protections. The tax requirements. All of the above

4.  With a C-Corp: A Board of Directors have control over the corporation. There are more tax deductions than any other type of business. Owners cannot deduct business losses on their personal tax returns. All of the above

5.  One con of a sole proprietorship is: It is easy to start Someone who wins a lawsuit against the business can take personal assets. Disputes amongst partners can end the business. Owners cannot deduct business losses on personal taxes

6.  If an individual opens a business without filing paperwork with the state, and without any partners, it is automatically a: Sole Proprietorship Limited Liability Corporation Incorporation General Partnership

7.  Who would NOT be a part of the initial team members? Lawyer Certified Public Accountant (CPA) Business Owner Hearing Aid Representative

8.  Which of the following is NOT a business entity? LCD LLC Incorporation S-Corp

9.  Team members can help with what? Determining the business type. Initial paperwork filing. Negotiating the financial component Both A & B

10.  What is NOT one of the initial steps to open a private practice? Choosing a name Identifying the business entity type Seeking financing options Contracting with a third party payer