Everything you need to succeed in launching, growing, and managing your private practice

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July 6, 2022
Choosing the Right Business Entity for Your Practice

As a therapist, making the decision to start your private practice can be incredibly overwhelming. Many feelings, doubts, questions or thoughts may come up. How do I start? What do I need to know? Can I do this? Unfortunately, graduate school doesn’t teach us how to start or run a business. If you’re having questions about how to get started, you’ve come to the right place. One of the first important decisions therapists can make is choosing the right type of business entity to form. Your business entity will determine the structure of your business, limited liability protections, and tax implications. A business entity is a legal entity and one formed by one or more individuals to conduct business. One of the main benefits of forming a business entity is creating a legal distinction and protection between yourself and your business. This means that should you be sued, you are not personally liable. For example, if you lease an office and someone trips and falls in your office, the business would be liable and your personal assets would be protected such as your home, car, retirement benefits, etc. When electing a business entity, it is important to consider the type of liability your business may expose you to and weigh the risks and protections to your personal assets. It is important to understand business entities do not protect you from malpractice liability as professional liability are the actions you take as a licensed healthcare professional, which is separate from your role as a business owner, and you should consider obtaining malpractice insurance coverage for your practice.


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