A question from Casey, “In regard to setting up an initial business, I’m not sure where to start. Do I first need to purchase an LLC? Should I start with legal work first in the event of a lawsuit?”
Chris: Yes, so great questions. The first thing would be to choose a business entity and what type would be best for you. There are some really great affordable resources that are available through Nolo Press. You might be aware of them. They’re a publisher out of California, and they have a lot of self-help legal books. This is, of course, the most affordable way to do it. You can look for books in your state because it actually does vary from state to state. For example, in California, if you’re a physician or a licensed medical practitioner of any kind, and you own 50 percent or more of a business, the legal entity of that business has to be a professional corporation, PC. If you’re seeing patients, you’re a licensed clinician, and you’re in California, that has to be the legal entity of your business. That’s not the case in other states. It’s really actually important to get clarity on what the state laws are that govern the establishment of a business if you’re a licensed clinician. Nolo is a really great resource there. They have books that kind of walk you through this in terms of your particular state. We’re obviously providing a lot of support in terms of how to set up and manage your practice, but those nuts and bolts things about how to set up a business, Nolo is a really good resource for that. The next step up in terms of getting a little bit more support and being able to talk to someone but not paying the very high rates of working with an attorney directly is Rocket Lawyer. You might have heard of this. It’s a relatively new service over the past few years, and it’s like a subscription service that gives you access to legal services, and it enables you to talk to attorneys about things that you need help with. It’s about $40 a month, and that gives you access to certain legal documents, asking an attorney your legal questions, a 30-minute consult on new legal matters. Then also, they can help you to file the paperwork required to form your LLC, professional corporation, or whatever legal entity it is that you want to create. That’s where I would start in terms of addressing these questions about the legal and business nuts and bolts things.