When professionals want to start their own practices, a fundamental question often arises: how to establish a business entity and what the right type of entity is for your endeavor. While it may seem like a basic concern, the consequences can be far-reaching. Forming a business association can impact how you are treated for tax purposes, and provide a protective shield for personal assets – if it’s done properly. 

In the most recent episode of Private Practices in Maine, Michael explains the considerations when you are ready to establish a business entity for your practice, shedding light on the two most commonly utilized structures he sees for Maine professional practices. If you find yourself contemplating starting your own practice and pondering whether you should form an LLC or a corporation, and what that means for how you will be taxed, this episode is for you.

You’ll hear Michael discuss:

  • The most obvious reason people want to form business associations Maine’s most frequently used types of business associations are corporations and limited liability corporations (LLCs).
  • The tax classification decisions that entrepreneurs face when deciding whether to form a corporation or an LLCs . 
  • Why creating a good relationship with your accountant and your attorney is important.  

This is a must-listen episode if you’re considering starting your own practice .

If you want to learn more about Private Practices in Maine, check out https://malloyfirmmaine.com/ppm003/