The Elite Nurse Practitioner Email List | Sign up to receive updates on new blog posts!

“You can get past the dead end. You can break through the ceiling. I did and so have countless others.”

Step by Step Guide on How to Create a Business

I have received multiple emails over the past 2 weeks asking what will be included in my upcoming eBook The Elite Nurse Practitioner Model. A common question has been “Will your book give me steps on how to create a business?”

Not necessarily…

Why?

Because this information is elementary and straightforward. My book goes over principles to make you successful. The Elite Nurse Practitioner Model will teach you how to build a life of financial and professional freedom as a nurse practitioner. Yes, I go over how to create a business, but creating a business is simple. What is not simple is creating a successful and profitable business that generates tens of thousands of dollars a month. This is what I talk about in the book.

I don’t want people to be angry because I did not discuss how to create the basic legal structure of a business in my book. So, I am going to provide this to you for free because it is straightforward and should not cost anything. Additionally, in the grand scheme of your business, it doesn’t make that much of a difference. What makes a difference is the niche service you provide, how you market it, and how to structure your life so you can live a freer life.

So, how do you start a business?

1. Create a Limited Liability Company: You are a fool if you do not form a legal structure for your business. You must form a limited liability company (LLC) to operate your business under. This will protect you if something was to happen to your business. The LLC is a separate legal entity and in the eyes of the United States judicial system, it is a separate “person.” You need to create a LLC!

In my opinion and the opinion of many asset protection lawyers, you should create your LLC in states such as Nevada or Wyoming. Why? Because they offer the best corporate protections than any other state. If you were sued, the courts could potentially “pierce the corporate veil” of your LLC. What this means is that the court could throw the protection of the LLC out the window and go after you. Guess what? Nevada and Wyoming offer superior corporate protections. There has never been a “corporate veil” pierced in these states.

In addition, you are completely anonymous as the owner of the business in these states. I own a telemedicine practice. No one has any clue who owns this practice. They can look up the LLC and there are no links to myself because I registered it in Wyoming.

Well what if you operate your business in a different state like Texas? Register an LLC in Texas and have this Wyoming LLC be the owner of it. This is easy to do. In the operating agreement of your home state LLC you just put the Wyoming LLC as the owner and you as the operating manager. You don’t need to hire a lawyer to do this for you. You literally just add it into the operating agreement. These are generic documents. Also, when you register this LLC in your home state, you just list this Wyoming LLC as the owner and the registered agent.

After you have done that, all the money you make in your home state LLC needs to be transferred to the parent LLC checking account in Wyoming. You are totally protected. Let someone sue you! You don’t have anything! If a lawyer went after you, it would literally be an act of congress to pierce this corporate veil in a separate state.

My asset protection lawyer in Wyoming told me they would have to come to Wyoming and file a case in the county your LLC was formed in to pursue you. It basically makes the prosecuting lawyers life a pain in the ass, therefore they drop the case. Remember, lawyers want the easy low hanging fruit. They don’t want to work hard.

This is who I use for my Wyoming LLC’s. They provide you everything you need including articles or organization, operating agreements, a physical address and even an online portal to access your mail. There is a wealth of information on their website too. https://wyomingllcattorney.com/

Also, you will need to select a registered agent for your LLC. More information on that in THIS article.

2. Obtain an EIN: An EIN is an employment identification number issued by the IRS to corporations. It is essentially a social security number for your LLC. You need this so you can file taxes under your LLC. It also is important because you need this number to open bank accounts, get credit cards, business loans, etc. Get this number, you must have it to start a business. Get it here: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online

3. Bank account: Have a separate bank account for your LLC’s. You need to keep everything separate from your personal finances when it comes to a business. Now, if you form an LLC in Wyoming, it would be advisable to open an account in Wyoming for ultimate protection. Obviously, this is unrealistic for many people (you could always have a tax deductible business trip to Yellowstone National Park with the purpose of opening this account in Wyoming). Therefore, go to a local bank in your area and see if you can open an account under this Wyoming LLC. Usually you can. Skip corporate banks like U.S. Bank or Bank of America though. They will not allow you to do this. They will require an LLC be formed in the state you operate in. You might need to shop around with a few local banks. I had too.

Here are a couple other free tips for you. Your personal bank accounts should be in a totally different bank than your business accounts. The same goes with your home state LLC. Make sure this business account is at a separate bank. Thus, you should be using at a minimum 3 different banks. This spreads out your risk and liabilities.

4. State requirements: Some states require you register for separate licenses. These include state tax identification numbers, employer registration numbers, local business licenses, etc. This information is easily found online and usually the processes are simple. You do not need a lawyer or to pay someone to do this for you.

5. Group NPI: If you take insurance, which you shouldn’t in my opinion because patients will pay you cash, you will need a group NPI number. You can go here to get this https://nppes.cms.hhs.gov/#/

That’s it guys! If you follow the above steps, you now have a fully functional LLC. There, I just saved you thousands of dollars on unnecessary lawyer fees and other nonsense middle men charge you. I have started every single one of my LLC’s on my own by following the above steps.

The Elite Nurse Practitioner Model” eBook will be released February 1st at 12:01 am! Individuals who order the book during the opening week will also receive a free copy of “Marketing for The Elite Nurse Practitioner Side Business.” This is a short eBook that goes over how to effectively market your new practice.

The Elite Nurse Practitioner Model is a 143-page eBook that teaches you how to create a successful business and a more free life as a nurse practitioner. I do not go over the steps on how to actually create a business, that would be a disservice to my readers (I just provided that!). Instead I go over the principles of the Elite Nurse Practitioner Model and how to implement this in your life. Topics include:

My personal story and how I got to where I am at.

How to successfully negotiate for that perfect job and salary.

How to lower your tax obligations.

How to start a cash practice.

How to find your practices niche.

And much more…

The book is also filled with dozens of straight to the point tips and tricks that I have personally learned throughout my career and life. I am confident every single person who reads this book will walk away a more successful nurse practitioner. I guarantee it.

39 thoughts on “Step by Step Guide on How to Create a Business

      1. That’s the plan! Got a couple questions for you. I already live in Nevada so can I create a LLC here and still have privacy? I read another article with telemedicine…. I am on the STRUGGLE BUS to identify a solid niche. Help! Info on this is in the eBook right?

        1. Yes, I go over how to find the niche and service in the upcoming eBook. If you create a LLC in NV or WY, you are anonymous. I recommend WY personally, it is cheaper. What are you thinking in terms of a service with telemedicine?

          1. weight loss
            sleep
            intergrative wellness
            I’m just not about managing disease. I want to focus on wellness and preventative medicine.

          2. Right, the preventative medicine is very rewarding as well. Remember, do not just provide these generalized services, try to niche it to a specific market. You will do better faster

  1. This is great information, thank you so much! Is there a specific asset protection lawyer that you recommend in Nevada?

    1. I do not know anyone in Nevada. Filing for a LLC in NV is much more expensive compared to WY, which is why I form all mine in WY.

  2. Hi Justin,

    I just bought your ebook and I’m excited to read it. I really need to start a side business, and I’m interested in the men’s health business model, too. This came at the right time in my life. Congratulations to you and on your success.

    (In your marketing eBook, I don’t know if anyone has pointed it out, I noticed a typo on the cover page. Sorry I’m a spelling freak.)

    1. Hi Ellie,

      Thanks for the support! I hope that the book and the course benefit you. Men’s health is a great side business.

      Oh wow, your right… That is bizarre that the book on the download portal has that error. The final copy does not. I fixed it.

  3. Justin,
    Thank you for supplying your wealth of information. I could not agree more with you and the fact that NPs have more power then they will ever know.

    I do have a quick question. So just tried to open a LLC here in Michigan. Named it Magic Medical Group LLC. Thought it was a catchy name. Nonetheless, under what services I will be providing I wrote “provide medical care within scope of a nurse practitioner.” My business was denied because in MI, a nurse practitioner cannot offer medical care without the delegation of a supervising physician…. So is my name wrong for including “Medical” or do I need to change the wording of what service I will be providing?

    Thank you in advance!

    1. Hi John,

      Thanks for your kind words. Wow… that is ridiculous. I would just name is Magic Wellness Group LLC and under services just leave it as “healthcare and wellness” or something vague. When I created my LLC for my CBD store, I just categorized it as “health supplements.”

      1. Thank you once again for your help! Purchased the NP Model and Marketing! Great info! Starting to implement what I am learning and have already informed my current practice to start paying my business once I have it! Looking to start a Men’s Health and TRT very soon!!

        1. Awesome John!!! Good for you brother. Taking action and moving forward, that is what starting a business is all about. Keep us updated!

          1. Hello Justin

            So I followed your advice and changed my business name to “Wellness” and changed to services to “healthcare and wellness.” I was waiting for my approval and well…. once again I was denied!!!

            This is the response “Please note that any reference to “health care” is restricted when filing your Articles of Organization. Health care suggests that you are providing services in a learned profession, in which case it must organize as a professional limited liability company pursuant to Article 9, Act 23 of 1993. If you are attempting to form a professional limited liability company, you may use form CSCL/CD-701. If this is not a professional limited liability company, modify the purposes in Article II so that it does not imply the limited liability company is providing a service in a learned profession.”

            Can you please advise. This is ridiculous. Thank you for your help in advance

          2. It sounds like your state requires you to have a PLLC! Just file it as a PLLC or file for a LLC out of state and just register as a foreign entity in your state (that might be a work around). That really sounds like your only options.

  4. Thanks again! Just reapplied and once again will be waiting….. Hopefully with an approval and then will get tax EIN!

    1. Yep, get the EIN, open an account, and you are pretty much set. Make sure to get a generic operating agreement online, a simple google search will provide that.

  5. “After you have done that, all the money you make in your home state LLC needs to be transferred to the parent LLC checking account in Wyoming” is this as literal as it sounds? every week do a direct deposit of money into an account in WY? TY!

  6. I have an LLC in my home state already. Is it possible to edit it so that I can set up LLC in Nevada or Wyoming and arrange it to be the owner of my home state LLC, like you described above?

    1. Yes that should not be difficult to do. You would just change the owner/member of the LLC to the WY LLC, with you managing it. You can do this in the operating agreement of the LLC and with the secretary of state!

  7. So the wonderful State of Michigan denied my PLLC because I am a nurse practitioner and not a doctor…. Ok, so I called them and turns out because I put Healthcare in my Article II it becomes a professional LLC which a nurse practitioner can not create. So dumb but fine. Turns out all I had to do was change the Article II to “Wellness” and then it should be approved. Hope this information will help others in the future! Purchased the Men’s Health Program and am trying to get it up and running soon!

    1. That is absolute insanity… That is the government and lobbying efforts from the physicians for you… Everything has to be exactly by the book. Anyways, best of luck and keep us updated on your progress!!

  8. Hello Justin,

    I am exploring the idea of starting a telemedicine practice, I am still unsure about my niche. But here is my question: When applying for malpractice insurance, is it best to apply as individual or as NP group? and if I plan to see patients in 2 or 3 different states, do I need a separate insurance plan for each state?
    Thank you!

    1. Hello Larissa!

      Finding your niche can be difficult, here is a tip that I discuss in the marketing course: Identify a group of patients (your target market) and figure out something that plagues these individuals or is a real issue in their life. If you can figure that out, you have found your niche!

      You only need a personal professional policy. This should follow you in any state you want to practice in, but make sure when you apply for it you disclose you will be practicing in multiple states. The carrier might not provide coverage in a certain state. Let me know if you have any questions.

        1. Correct, just a personal policy is usually all you want. You will have to talk with your malpractice carrier and see if they can add your medical director as an endorsement.

  9. Hello,
    I recently started an LLC in WY but living in TX and I have been hired and they gave me a W-9 form to fill out as an independent contractor. I am confused at how to answer these questions. The first line has name: (as shown on income tax return) Required. The second line is the business, but do I put my personal name?
    Thank you

    1. Ya, you will just put your personal name on it and then your LLCs name. Ultimately, the taxes are just passed onto your personal return at the end of year.

  10. Thank you, I recently found out that TX requires us to register our LLC as a foreign entity in the state. So, I have been seeing so many mixed reviews on whether or not it is worth it to pay taxes and varies costs in two different states. I have been struggling on keeping it or letting it dissolve and forming it in TX. What is your thoughts?

    1. If you file for a parent LLC in WY, there are no taxes there. You pay no state or income taxes there, that is another beautiful thing about that. It is ultimately up to you… The LLC in TX should protect you regardless, the only reason for a parent company is to provide another layer of protection. If you are just going to form one small clinic, then its not necessary, if you plan on expanding/growing, then it would be wise.

  11. Thanks for sharing your knowledge and experience with us. I live in Nevada and trying to start my LLC. I put entity as owner and will file DBA. Is this necessary? Also do you know anything about non compete clause in contracts? I am still employed but there is this non compete clause?
    Thanks

    1. You are welcome! You don’t need to file a DBA if the name of the LLC is the same name as the clinic you are going to open. The entity will be the owner if you are using a different LLC to own it, if not, you are the owner.

      Non competes are hardly enforceable… I personally don’t worry about them. If you are starting your own business and it does not provide the same services as your employer, then don’t worry about it.

Leave a Reply

Your email address will not be published. Required fields are marked *


Copyright 2020 Galaxy Medical Southwest LLC  | Terms of Use