Business entity selection: Why it matters to healthcare practitioners: Part I-conceptual framework, sole proprietorships, and partnerships

Robert W. Nithman

Research output: Contribution to journalArticle

Abstract

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.

Original languageEnglish (US)
Pages (from-to)358-361
Number of pages4
JournalJournal of Medical Practice Management
Volume30
Issue number5
StatePublished - Mar 1 2015
Externally publishedYes

Keywords

  • Business entities
  • Business ethics
  • Corporations
  • IRS
  • Liability protection
  • Limited liability companies
  • Partnerships
  • Practice and risk management
  • Professional entities
  • Sole proprietorships
  • Taxation

ASJC Scopus subject areas

  • Health Policy

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