Not everyone needs to be incorporated to have a business. There are advantages and disadvantages of both situations and in Episode 41, I address these questions and give some examples why each situation may work better for some.

 

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In this episode:

01:42 – Thank you for the good feedback and emails,

02:25 – Home Health and Clinic Based Businesses,

04:27 – All Access Membership community,

05:12 – Thrive Themes for building websites,

05:55 – the Perfect Student

06:10 – Sole Proprietorship vs. an LLC or a Corporation

10:02 – Personal Tax Return vs Business Tax Returns

11:31 – Tax I.D. number

12:37 – Clarity

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Not everybody needs to have or incorporate, because let’s face it if you want to just take cash for a visit and someone’s home or if you have a little office on the site or a place outside attached to your home or in the back there you have a special room for your sessions. I mean you are in business essentially.

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Hello everyone you’re listening to the Speech Therapy Private Practice StartUp Podcast. This is episode number 41. My name is Kyle Meades and I’m a speech pathologist since 1993. And these podcasts are designed to help you improve your business and your life one Podcast at a time.

Welcome back to the show everyone. Thanks again for all the emails and all the questions and as today, today is Sunday July 8th 2018. We have well over 35,253 listeners to the show and I’m super delighted that you guys are out there listening and getting good valuable information and I’m going to say it as always, Value is what you get in the absence of money. And these podcasts are very free for you so if you wouldn’t mind please go to the Android or iOS platform of your choice and please leave me some good 5 star feedback.

I recently got some good feedback from a listener and it was just really nice to see that she’s getting the help that she’s needed to start her own Speech therapy private practice since she’s been at it over a year now and she says she goes back and listens to the podcast, and you get that motivation and information. So it’s just really nice to have you on board. And also if you’re new to the show welcome and I hope you find everything you’re looking for here at the Speech therapy Private Practice StartUp Podcast.

Now what makes this a little bit different is we are managing and running and owning clinics here in Tucson, Arizona. We’ve got two businesses an Outpatient speech therapy and Occupational therapy business; soon to be physical therapy here in Tucson, Arizona. We also have a Home and Community based like a home health type business that we run. And so between both of those businesses we actively employ over 35 full-time, part-time therapists and we see many kids and help adults every single month, so we’re really making a difference.

When I first started the podcast I wanted to get this information out to you guys because what I wanted to start my own business I really couldn’t find anything on the internet about starting or growing your own Speech therapy private practice. I’ve found some PDFs and things like that but it just really didn’t make sense to me so this is my way of giving back to my listener base and just letting you guys know that I appreciate you being out there, listening and supporting me. So I try to give you guys that value that you’re looking for. And not only am I trying to help you guys I’m trying to set and lead by example by actively running multiple businesses here. So that way you can see that I’m not work in other places, I’m work in on the side at a school or a nursing home. I’m running this machine and that’s what I’ve been to for the last 11 years of my life. So I dedicated myself to this. I saved up about eight thousand bucks I think, and I jetted left those nursing homes and said, “Never again”. So this is what I’m doing full-time and I hope you guys learn what you need to learn from me.

And if you want more access, if you want a little bit more guidance and you want behind the scenes in monthly webinars and if you even want a phone call with me on a weekly basis, that’s available. It’s called the Speech therapy all access community and if you’re a privateslp.com/coaching you’ll see the sign up form there. If you don’t see a sign-up form immediately you might see and apply now button. Certain times of the year I have the community open for new members but I really try these days to hand select people that I know will be a good fit. We just did our last webinar while I was traveling and I couldn’t get to my monthly live webinar with others so what I did was I was showing the members how to make a very good High Converting Website for their speech therapy Private Practice business. And I was doing that with some Thrive theme plugins and I’ll leave that link at the bottom of this show so you can see there is an easier way to make websites. If you want to spend extra money you can hire a programmer at upwork or something like that or fiverr.com and that’s a very good way to do it if you’re more hands on. It’s very simple. And judging by the comments in the All Access Community I know that the members who have really enjoyed that video so that was the training this past month and there’s tons of trainings in there so if that interests you just go to privateslp.com/coaching.

And I also want to tell you I have space available for the Perfect Student if that interests you, there’s a link at privateslp.com/coaching for that as well. I got an email recently from a gentleman named Matt and he wanted to know about sole proprietorship vs. an LLC or a corporation. It is a very good question because he is working at a nursing home right now but he also sees kids on the side just private clients. And that’s a great question and it got me thinking not everybody needs to have or incorporate, because let’s face it if you want to just take cash for a visit and someone’s home or if you have a little office on the site or a place outside attached to your home or in the back there you have a special room for your sessions. I mean you are in business essentially. So there’s nothing wrong with being a Sole Proprietor. It’s really nothing special you have to do. You can put all of the money in a separate bank account under your name and you can take that money put it in a separate bank account. You can pay your business expenses out of that separate account or you can actually commingle those funds into your own Personal checking account because again it is not a separate entity or anything of the sort.

An example I have been a Sole proprietor with my real estate since 1999 / 2000. I have purchased Duplexes and Triplexes in my own name and a lot of people say, “Oh, you know you’re going to get sued you’re exposing yourself to increase liability”. Well I’ve had these properties for a long time. And no. 1, treat people well and with respect. And accidents do happen, but that’s what insurance is for. I’ve got liability insurance and umbrella policies. I’ve got the veil going and I got that corporate veil thing going without the corporation.

When I was living in New Zealand I had a personal manager managing four houses in New Orleans uptown there for me. And I remember there was a lady, she ignited the gas water heater in one of the upstairs homes on Pine and Spruce Uptown, New Orleans there by Tulane University. And she made a mistake and she suffered some burn damages. And that was really sad and very scary. I had a licensed plumber come out and look at that water heater. And everything was obviously in code and appropriate and offered to pay some of her medical bills. She didn’t want that she wasn’t one of those types of people who wanted to sue or anything. She just wanted to make sure that that water heater was operational and yes it was. It was a functioning operating water heater. She just tried to light the gas water heater i