Home based RN business - page 2
As someone currently working in Home Health and increasingly frustrated with regulations that prevent me from giving care that patients deserve, I'm interested in what kind of business an RN could manage independently. ... Read More
- 0Jan 29, '13 by somenurseTo NedRN, (or anyone else reading along) Do you think that a sole employee (self) benefit from having an LLC? If no other employees are involved, just the 1 nurse?
Also, do you, or anyone else readling along, think a sole nurse doing private duty would need to be 'bonded'?Last edit by somenurse on Jan 29, '13
- 1Jan 29, '13 by somenurseAlso, do you carry both malpractice AND liability insurance? (i'm not real adept at what exactly the difference is, honestly..)
Did you incorporate for a tax break,
do you just have checks, payments made out to your personal name?
do many of you doing this have a website, if so, which sites do you use to create one?
- 1Feb 28, '13 by phatlipboardz, BSN, RNAnswers to your questions:
Yes, incorporate your business even if you're a solopreneur. Protect your personal assets and separate those from your business.
Yes, both malpractice insurance and general liability. A drop in the bucket to further protect yourself compared to out of pocket costs that you could be paying if something happens.
Yes, your business entity pays you just like an employer would pay you. Even though you're writing the check from "your company," you're still making it out to yourself and depositing it into your personal account. A business bank account is obviously necessary...You should also be giving yourself a W-2 at tax time.
Yes, you need to at least have a static website, but also having a blog is helpful (not one in the same). Wordpress is your go to solution that I recommend for just about everyone.
These are very basic responses, but hopefully they will help you to continue researching.
Kevin Ross, RN, BSN
- 4Feb 28, '13 by phatlipboardz, BSN, RNMy company provides
-patient advocacy services for disabled individuals (ensure that all of the orders and treatment plans are carried out...this individuals typically have unlicensed caregivers assisting them, so we supervise)
-childcare health consulting services (we work with daycares and schools...med admin, protocol development and implementation, also work with special needs kiddos)
-Individual and group wellness mentorship/coaching (helping individuals minimize their pharmacological regimen, assist with lifestyle changes, etc...all in collaboration with the prescribing healthcare provider)
-corporate wellness (as above, but on a much larger scale)
Many of these services are provided within the community and the home, it is not however "traditional" home care.
This is just basic information on what I do, but hopefully it helps.
If you need anything else, just "search" for me and you'll be sure to find me.
Kevin Ross, RN, BSN
- 1Feb 28, '13 by NedRNQuote from somenurseSorry I didn't see this when you first posted. Bonding is something that protects you while visiting other people's premises. For example if the client claims something is missing. I'm not sure if you need it or not, I would check with your general liability carrier to see what they cover.To NedRN, (or anyone else reading along) Do you think that a sole employee (self) benefit from having an LLC? If no other employees are involved, just the 1 nurse?
Also, do you, or anyone else readling along, think a sole nurse doing private duty would need to be 'bonded'?
If private duty on other people's premises is what you are doing exclusively, incorporating gets you very little in your case. For the most part, sole professionals incorporate for the benefits only if they don't maintain premises or have employees. Personal asset protection that a corporation provides is only helpful if you have premises on which a client could be injured, or an employee or partner that injures someone. So you don't need to incorporate for that reason, but you do need to carry general and malpractice insurance. It may even be required in your jurisdiction, but clients would be nuts to hire you without if they understood the issues.
If you have significant personal or family medical expenses over and above what insurance will cover, then you want to consider a C corp. If you think that you will make so much that you can pay yourself a reasonable salary and have lots left over, then a pass through entity such as an LLC or S corp can save you FICA on K-1 distributions. Otherwise, you are fine to stay with a sole proprietor set-up.
I made the uncommon choice to be a C corp. I can deduct mileage on the way to the drugstore to purchase aspirin through my corporate bank account. I have a high deductible insurance plan, but no need to mess with an HSA as all my medical costs are borne by my corporation. It is an unusual choice but I've never understood the benefit of a pass-through, at least for what I do. Double taxation is not an issue, I just zero balance my corp every year.