Let's refer to our list again:
1. Choose a name
2. Buy a domain, and set up a website.
3. Set up HIPAA compliant email, calendar, telephone/texting ($16-20/month)
4. Set up cloud-based faxing.
5. Set up an LLC
6. Get a business license.
7. Rent a post office box (if you're living in an apartment - more on this later).
8. Set up cloud-based QuickBooks and start tracking all your expense receipts.
In my last post I walked you through 1-4. Now it's time to get on to numbers 5-8. But I'm going to switch up the order a bit, and add something.
5. If you don't have a permanant address, then rent a post office box. You need a "billing address" that is more or less unchanging. You have your practice address, where you provide services, and you have your billing address. Unless you've found the most perfect office in the world that you will never, ever change, keep them separate. My billing address is at my house.
You see, once you are credentialed with insurance companies, you don't want to have to change your billing address every time you move, or get a new office, or whatever. So make your home address your billing address, unless you're not going to be there long, in which case you need a post office address.
6. Set up an LLC. You can literally spend $600 on this by hiring a lawyer...or spend $50 and do it yourself. Go to the New Mexico website and read through everything they've got there...and then file it. As you're answering the questions, the answer to all the ones about people is you. You're the one. You billing address is whatever you chose it to be in #5. And it goes without saying...your name is your LLC.
If you're wondering about the pros and cons of going with an LLC, here's a nice little video for you to watch.
7. Get yourself a city business license. Just because you have one doesn't mean you have to be making any money. Once you've got it, sign up online at TAP to file your gross receipts taxes. If you need help, you can go down to the kindly folks at Central and San Meteo, at the Taxation and Revenue Offices, and they'll help you out. Once you start making money, you'll be paying 7.85% in gross receipts in city taxes for most stuff.
8. Sign up for online QuickBooks and download the phone app. Get in the habit of inporting all - and I mean all - of your receipts into QuickBooks. Everything you buy. Stemps, the cost of your LLC, the cost of your post office box - these are now business expenses, and they will save you in taxes, so save every receipt.
9. Get a business checking account. I recommend a credit union, they have the best deals. They'll want to see your business license, etc. From now on, all your income goes into this account, and all your expenses are purchased from it.