Jump to content

Starting a PLLC

Specializes in DNP/PMHNP student.

Searching the term "PLLC" yields astonishingly 7 posts on this forum... I guess NPs don't form their own entities that much? Or is there another option like 1099? The posts here are really dated as well, going back to 2006-10. Has anyone gone down this route recently? I am just wondering the pros and cons of it. I am graduating soon and am wanting to go this route. It seems like a really good idea. Seems like the biggest time frame requirements are just getting insurance credentialing which varies based on the company (BCBS) and most of the rest is just filing paperwork, NPI, DEA, passing boards, etc. 

There are pretty good lists of things to do here, and of course I am being coached by the NP that owns the practice. I'm just wondering if there are things I should look out for?

xenogenetic

Specializes in Psychiatric and Substance Abuse Nursing.

No matter if you form a PLLC, you will be sued personally. You cannot abdicate personal liability in Healthcare as a practitioner. This is why a lot of OBGYNs have their spouse hold title to all family assets. Maximum professional Liability Insurance is the best protection you will be able to obtain. 

Just here to learn something.....

Neuro Guy NP, DNP, PhD, APRN

Specializes in Vascular Neurology and Neurocritical Care.

13 hours ago, xenogenetic said:

No matter if you form a PLLC, you will be sued personally. You cannot abdicate personal liability in Healthcare as a practitioner. This is why a lot of OBGYNs have their spouse hold title to all family assets. Maximum professional Liability Insurance is the best protection you will be able to obtain. 

I actually wrote about this topic not long ago, so I'm not sure why there aren't results for you. But anyway, the above cited poster is correct that PLLCs or PCs or whatever tje designation is in your jurisdiction does not shield you from malpractice. It DOES shield you personally from general business liability e.g. slips, trips, and falls, contractual disputes like any other corporation. 

 

The difference is that regulated professionals cannot be shielded from malpractice and hence the different kind of entity they have to form. You can’t incorporate the same way Bob's Window Washing can. This goes for attorneys, physicians, accountants, and us. So yes, make sure you get excellent insurance, and ensure that it is business malpractice policy. Your standard NSO policy will not be enough and in fact, running your own practice is excluded from the regular policies, but there are options for you. Just discuss it with them.

adammRN

Specializes in DNP/PMHNP student.

Can you link your post? I can't find it...

 

I don't know if this applies, but my dad is a dentist and he did an LLC, not pllc, that elects S corp status. Not sure what the difference really is, but I remember him getting a hefty bill from law office that put everything together so I assume this is the best way. He did this more for tax reasons not liability though

×

By using the site you agree to our Privacy, Cookies, and Terms of Service Policies.

OK