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Business Entity Selection: Why It Matters to Healthcare Practitioners Part I–Conceptual Framework, Sole Proprietorships, and Partnerships

Business Entity Selection: Why It Matters to Healthcare Practitioners Part I–Conceptual Framework, Sole Proprietorships, and Partnerships


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Robert W. Nithman, PT, DPT, GCS, COS-C
 
The Bureau of Labor statistics indicates only a 50% four-year survivability rate among businesses classified as “education and health services.” Gaining knowledge of IRS business entities can result in cost savings, operational efficiency, reduced liability, and enhanced sustainability. Each entity has unique disadvantages, depending on size, diversity of ownership, desire to expand, and profitability. Business structures should be compatible with the organizational mission or vision statement, services and products, and professional codes of ethics. Healthcare reform will require greater business acumen. We have an ethical duty to disseminate and acquire the knowledge to properly establish and manage healthcare practices to ensure sustainable services that protect and serve the community.