You can apply for an EIN online through the IRS website. You’ll need an EIN if you want to open a business checking account or hire employees. Apply for an Employer Identification Number (EIN)Īn Employer Identification Number (EIN) is a nine-digit number that’s used to identify businesses for tax purposes. With your new business in hand, it’s now time to register with the IRS. If you’re planning to eventually grow into a group practice, you can even name your business and Associates, PLLC. You can also file a DBA (doing business as) later if you want to advertise under a different moniker. If you’re really uncertain what you’d like your business name to be, you can always create, PLLC. Besides, you really don’t want to confuse potential clients and accidentally send them to another practice because your names are too much alike. You can’t file a PLLC if the name is the same or even really similar to another business already registered with the state. I suggest you have a few name ideas in mind as you’ll search the state’s website to ensure your business name hasn’t already been claimed before you apply for your PLLC. Besides, there are major corporations out there with downright lousy names (I’m looking at you, Amazon).
Most of my clients probably couldn’t even tell you the name of my business. Clients aren’t going to choose you because of your really awesome business name. You will need to determine what you want the name of your business to be, but don’t sweat this too much. In total, it’ll cost you $300 to create a business in the state of Texas. Once you log into the Secretary of State’s website, you can find all the information you need to form your new business entity. You can pay for a service or find an attorney to complete this for you, but that’s extra money that you don’t really need to spend. You can form a PLLC online through the Secretary of State’s office in your state. This will protect you from being held personally liable for any debts or liabilities that may arise from your business.
The first step in starting your private practice is to create a professional limited liability company (PLLC). It may seem overwhelming, but take them one at a time and you’ll be done before you know it! Create a PLLC There are quite a few things you need to do before you even see your first client. Let’s dive in! The Steps to Start a Private Practice (before you see your first client) If you’re still with me and want to start a private practice, buckle up. This can be achieved with time, but being a business owner can be quite a roller coaster at times. Some people prefer to have stability and predictability in their income. – Am I ready to take on the responsibility of being my own boss? – How much control do I want over my career? – What are my goals for private practice? So before making the switch, it’s important to ask yourself some questions: Private practice can be a great option for LPC Associates who are looking for more flexibility and autonomy in their careers, but it also comes with its own set of challenges. If you’re thinking about starting your own private practice, there are a few things to consider first. If you’re ready to take the leap into private practice, here’s what you need to know! Why Starting a Private Practice Might Be a Good Idea for You This can be a lot of pressure, but it’s also an exciting opportunity to build something that’s truly your own. When you’re the boss, you’re also responsible for everything that goes on in your business. Of course, private practice also comes with its own set of challenges. This level of control can be a real game-changer for therapists who are looking for more flexibility and autonomy in their careers.
How much an LPC Associate can make in Texas varies, so starting a private practice now can help associates achieve wealth sooner. You can choose the hours you work, the type of clients you see, and how much you want to charge. This means you get to call the shots and make all the decisions about your business. One of the biggest benefits of private practice is that you’re your own boss.
So whether you’re just starting out or you’ve been thinking about making the switch to private practice, this guide has got you covered! What It Means to Be in Private Practice We’ll cover the basics like setting up a PLLC and obtaining liability insurance, as well as more advanced topics like building a website and getting listed in directories. If you’re an LPC Associate looking to start your own private practice, you’re in the right place! This guide will walk you through just about everything you need to know to get started.