Management of a Chiropractic Practice. Where do I learn ?. Goals. To prepare the student to establish and maintain a practice of Chiropractic including business and personal financial management The student will have an understanding of the different business structures
To prepare the student to establish and maintain a practice of Chiropractic including business and personal financial management
The student will have an understanding of the different business structures
The student will establish a business plan
The student will be able to discuss and explain the advantages and disadvantages of the following types of practice:
The student will be able to provide answers to the questions delineated by a business plan including:
If I start a practice as a sole-proprietor, or as an incorporated business, what will my operating expenses be including:
Do what you say,
say what you do!
Active in your community
Type of business structure
Market-share (anything unique?)
Operating expenses and projected revenue
How many square feet?
How many rooms and which ones?
What design? (i.e. professional but affordable)
Patient flow design
Average room between 80 - 120 square feet
* Varies dramatically from state to state, region to region
Questions to ask:
A Partnership describes any business or enterprising venture where there is more than one owner involved.
The partners in a partnership can be individuals, corporations, or trusts, and the ownership is shared among the partners; this includes
all income as well as
all debt and liability
A limited partnership (LP) is comprised of one or more general partners and one or more limited partners in order to form a separate, legal entity.
Very much like a General Partnership, save for the separate, limited status of the limited partners.
The driving concern is usually protection from liability and the ability to distribute funds among many shareholders (in the form of dividends) that would otherwise not be possible under a standard corporation.
The general partners are responsible for the daily operations of the company, and are personally liable for its obligations and debts.
To absorb the liability, a corporation or a limited liability company is most often used in the general partner position of a Limited Partnership.
A limited liability company, or LLC, is a form of business organization that allows for limited liability for an unlimited number of shareholders that they might not have otherwise enjoyed had they formed as a simple partnership, but all the while maintaining most of the taxation benefits (pass-through taxation) afforded by a partnership.
A corporation is a legal entity that is created as a separate entity from its owners via the filing of the appropriate documentation with the state in which the corporation is to be formed.
This documentation is known as the “Articles of Incorporation,” and is where the term “corporation” originates.
The creation of a separate business entity, or legal separation between the company and its owners (also known as “shareholders”), serves to limit the liability to the owners by empowering the corporation with the ability to establish credit, acquire assets, and enter into contractual engagements based on its own merits. Because these potential liabilities are incurred
A Joint Venture is a legal entity formed between two or more parties to undertake economic activity together.
The parties agree to create a new entity by both contributing equity, and they then share in the revenues, expenses, and control of the enterprise.
The venture can be for one specific project only, or a continuing business relationship such as the Sony Ericsson joint venture..