Should I incorporate myself?

[mikepullias]

My girlfriend and I are CRNAs who are still working at the first job we got out of school. We would really appreciate any information regarding the advantages and disadvantages of incorporating ourselves. I have heard one can save a lot of money on taxes, but I am concerned about benefits that we would have to supply on our own. If anyone has any wisdom and insight from their past experiences incorporating themselves we would really appreciate it.

Thanks.

[J. B.]

My girlfriend and I are CRNAs who are still working at the first job we got out of school. We would really appreciate any information regarding the advantages and disadvantages of incorporating ourselves. I have heard one can save a lot of money on taxes, but I am concerned about benefits that we would have to supply on our own. If anyone has any wisdom and insight from their past experiences incorporating themselves we would really appreciate it.

Thanks.

Owing your own business does have its own advantages and it doesnt have to be a corporation. there are Sole Perpriotorships and limitied liability corporations .

My self after researching the different types I chose a S-Corp so that the corporation's liability can be separate from my personal while I still have the advantage of applying any net income or losses to my personal incometax responsibility.

I have had a sole perpirortot ship before some years back and now own two businesses one of which is like I said a S-Corp.

I would need to know more about your situation with you significant other to better advise you.

In the long run you both are thinking right in owing your won business whether separate or together. Its an edge that the average joe employee has little clue to its financial benefit and potential. Any steps toward moving oneself to the business owner side of the Cash flow quadrent is a move in the right direction I believe.

JB

[suzanne4, RN]

The one thing that you have to pay close attention to is the amount of your malpractice insurance. You will need it for you, as before, but also a liability policy for your corporation. Things are a little different with anesthesia than regular nursing. Also depends on what state that you are located in and what your corporate laws state that you can or can not do. Check into those before you make any final decisions.

Good luck..