incorporating

indie · Oct 7, 2003

Hazydaz:

I am with you. I'm Medi-Cal approved in CA and loving my work and my life.

I don't worry about the various types of corporation and whether one will make me a few $$ more or less. It becomes so unimportant when the essential autonomy is in place.

Power to us all - and that means as an independent.

randyfranks · Jul 4, 2004

The only main benefit to incorporating as opposed to setting up an LLC is that with the LLC you are not technicall an emloyee. So, you cannot deduct your salar as a business expense. Also, similiar to a partnership agreement, an operating agreement is sometimes necessary

Unless the LLC has adopted an operating agreement stating otherwise, under Arizona law, the members of the limited liability company have equal rights of management

Does anyone out there have information ab out incorporating as a RN? What are the pros and cons? any personal experiences

hazydaz · Jul 5, 2004

I've had an S Corp for nearly a year now. I love the ease of bookkeeping, the Distributions without payroll taxes and the ability to have the business cover my car, cell phone, half of a laptop, a nice desk, good tools of the trade and anything else I might need. I like making and keeping my own schedule and though I am worried at times about pt.s passing and having to start over, I've diversified my caseload, no one patient gets all my time. With S Corp I come out ahead even paying SUDA, FUTA AND BWC AND less payroll taxes, with all the benefits they offer as well. Every state is different. Check your laws. I have an HSA which saves money for medical expenses and it is tax deductible without itemizing. LLC in Ohio was not as nice a set up. Nicholson needs to check out her state's laws and benefits. Once again, it is more important that a nurse gets her expenses covered, pays less taxes one way or another and has control over her own destiny.

nightingale, RN · Jul 5, 2004

I've had an S Corp for nearly a year now. I love the ease of bookkeeping, the Distributions without payroll taxes and the ability to have the business cover my car, cell phone, half of a laptop, a nice desk, good tools of the trade and anything else I might need. I like making and keeping my own schedule and though I am worried at times about pt.s passing and having to start over, I've diversified my caseload, no one patient gets all my time. With S Corp I come out ahead even paying SUDA, FUTA AND BWC AND less payroll taxes, with all the benefits they offer as well. Every state is different. Check your laws. I have an HSA which saves money for medical expenses and it is tax deductible without itemizing. LLC in Ohio was not as nice a set up. Nicholson needs to check out her state's laws and benefits. Once again, it is more important that a nurse gets her expenses covered, pays less taxes one way or another and has control over her own destiny.

Thank you for the update haz! I agree that an S Corp. makes a lot more sense in many situations. It sounds like you have your bookkeeping up to par and that is the hardest part for many.

Are you doing private duty?

Thanks for posting.

NurseBomar · Jul 16, 2004

Well, I have read all the comments and concerns. I've been working full time hours for a local staffing agency for over a year now, and I am tired of those guys making money off of my work. I find that their role is less and less important to my finding hours, and I think I can do better business with the hospitals myself. I plan to incorporate within the next week and will keep you posted on my progress....of course I will be asking for help and ideas as well. Thanks Agnus for your suggestions!:)

hazydaz · Jul 16, 2004

Welcome to the club of taking care of yourself and not others above you! If you've got the license your "the Man" LOL You make the money and the decisions. I wish you great luck on your road to independence. Just take a deep breathe, get ready to ride, let go of things and let God and keep your eyes open for opportunity. Your guts will show you the way when your brain is at a loss. I am sure any of us can offer suggestions but it is up to you to discover your state's laws concerning business set up and if you find a good acct. they will make sure you are paying less taxes and keeping more of your money. They will keep you out of hot water with the IRS and anyother agency which sees $ and prey.

GOOD LUCK! :balloons: :roll

NurseBomar · Jul 19, 2004

Thank you both for the tips and links. I will keep you posted.:rotfl:

WyomingRN · Aug 16, 2004

After reading through this thread, I felt that some of the statements were not completely accurate. Thus, I copied these post and pasted them into a word document and took them to my CPA. I told her I got them from a nurse forum thread that was discussing what might typically be the best business entity for a nurses doing what I am doing. I asked her for her opinion as to the accuracy of the statements posted. After reading through the posts, her initial comment was that "several are mis-leading". I asked her if you would be willing to give me something that I could post that might be more accurate that would give nurses who are interested something more sound to review. When I went in to complete my quarterly tax forms, she handed me a chart and said I could post it.

The chart gives a brief description of the business entities. It list such items as taxation, loses, benefits, bookkeeping, advantages and dis-advantages for each business entity listed.

I have posted the chart (two files) online at http://www.canyonviewnursing.com/ic%20info/ind_info.htm for those who may be interested in this information.