I have received multiple emails from nurse practitioners asking me what is included in the 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 for the aspiring nurse practitioner entrepreneur. 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. So, from a privacy protection point of view, these states are great. Check out the article on how to maintain your privacy in a business HERE.
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 and someone in the state as a registered agent. More about registered agents HERE.
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 take a significant amount of energy and time 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 asset protection 101.
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.
Additionally, check out this article about how to pay yourself through your LLC HERE. Also, check out this article about the tax advantages of having a business HERE.
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 for FREE (do not pay someone to do this for you…): 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 though). 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. If you have an accountant, they should be able to help.
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/#/
For more information about NPI numbers, go HERE.
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. It is not hard… Get it done so you can begin seeing patients and making money.
The Elite Nurse Practitioner Model is a 143-page eBook that teaches you how to create a successful business and a freer 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 that perfect job and salary.
How to lower your tax obligations.
How to start a niche 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! If you need step by step instruction on how to open a practice, be sure to check out The Elite Nurse Practitioner Courses!