Are you ready to officially launch your wellness practice? 👏
Choosing the right business structure for your wellness business is probably the most intimidating part of launching a business. The business structure you choose influences everything from day-to-day operations, to taxes, to how much of your personal assets are at risk. You should choose a business structure that gives you the right balance of legal protections and benefits.
Taking initial steps to establish your wellness business as a legal entity will ensure that you’re protecting your practice and (and yourself) from any legal harm. It may seem complicated to launch your own business, however with the right steps and resources, you can easily get your business established.
✨ In this guide, we help you understand the options available to you when legally forming your wellness business. Learn the differences in common business structures and find step-by-step guidance in filing your business with a State Agency. Protect your business (and yourself) by choosing the right liability insurance.
Table of Contents:
👉 Choose your business structure (LLC, PLLC, Corporation, Sole Proprietorship)
👉 File with your State Agency as an LLC (or other legal structure)
👉 Obtain liability insurance
In a hurry? Here’s a quick summary of the steps to take when forming an LLC:
- Choose your business name. Your state will likely have a guide on naming, including character and wording specifications. Most importantly, your business name must not be similar to another business. Your state board will have steps outlined to verify the availability of your proposed business name.
- Choose a Registered Agent. This is the person who will receive all official mail on behalf of your business, and must have a physical address within the state. Most often, this person will be you, the former of the LLC or your business lawyer.
- Sign and file the Articles of Organization. If you’re filing online through your state department, then you’ll be able to electronically view and sign the Articles.
- Pay the filing fee. This fee varies by state, ranging from $50-$500.
- Adopt an Operating Agreement. Although it may not be required by your state, a written Operating Agreement outlines the rights, powers, duties, liabilities and obligations of the members between themselves and with respect to the LLC. If there is more than one person in your LLC, consider an Operating Agreement a best practice.
- Refer to Your State Agency for Additional Requirements. Some states may require you to post a notice of the formation of your business in your local newspaper. Most states no longer require this, but check with your State Agency to be sure.
Ready to learn more? Download this comprehensive guide today and learn how you can establish your wellness business as a legal entity 👇