The educational and internship issues doctors have faced by the time they begin practicing professionally are significant, and they may have gone through some financial hardship as well. As a result, those who are opening or acquiring a practice want to make sure they set it up to maximize their financial well-being and capitalize most effectively on their hard work. To that end, the question of incorporation always enters the picture.
Whether to incorporate or not, however, is only one of a dizzying multitude of concerns new doctors and dentists have to deal with. And the decision is not always simple. While there are, unquestionably, significant financial benefits to incorporating a medical or dental practice, there are also a few potential drawbacks you should consider. Moreover, there are certain aspects—around tax and insurance, for example—that you may not have considered, but that should be understood and taken into account with respect to your specific goals and situation.
This guide is designed to take some of the pain out of the incorporation decision-making process for newer medical and dental professionals who are dealing with a host of other issues related to launching a career. It will focus on whether incorporation is an appropriate option for you, the steps involved should you decide to go ahead and what you’ll have to think about once your corporation is established and functioning.