(#363) What Incorporating my Mental Health Business Taught Me
Ever wondered what it's like to switch up the business structure for your mental health business?
In this candid Abundance Series, I share the valuable lessons learned over my 11 years in private practice. Join me in my fifth episode as I share the unexpected challenges and key takeaways after converting my mental health business into a corporation. We'll look at some practical factors when deciding whether to structure your private practice as a sole proprietorship or a professional corporation. I also give you the inside scoop on how I select the right team members or professionals to ensure efficient bookkeeping and tax filing for my business.
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Timestamps:
- (02:54) Intro
- (07:00) Running a group practice as a W9
- (11:26) Challenges after converting my private practice into a C-Corp
- (21:23) Lessons learned
Standout Quotes:
- (21:37) "File your corporation correctly. If your genius zone is not filing paperwork, and you're trying to do it yourself to save money, you're actually wasting money by wasting your time."
- (21:47) "Know, based on your Board, which election you have to have. The Board of Psychology in California: you have to have an S-Corp."
- (22:17) "If you're not the expert in numbers, also in bookkeeping..., delegate it out."
Resources Mentioned:
- Get the latest updates to Doctor TK’s events at https://www.doctortk.com/links/
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