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IC and requirement for business license or LLC - EM

Posted: Jan 10, 2013

Has anyone by told by the transcription company where they are an IC that they are required to either obtain a business license or become an LLC?

No, I haven't - kk

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but it sounds like they are afraid you will come back on them and say you were treated as an employee.

No. Never. - nm

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xx

I had to get an LLC for one job, and I have to have a license for my county - Oldie

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NmNm

Yes - at Scriberight - total waste of time/money

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So you pay for it.. then a month or two later they tell you they have no more work.. it was great. Now i have all these telemarketers calling, who get your number, when you get a license, from the chamber of commerce but have no work. Whatever ...

I did at ScribeRight too - and agree with other poster - It was a waste-

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If you don't have to do it - then don't!

Yes, I have - No big deal

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It is because of the rules/regs for being/hiring an independent contractor. Tax purposes, I think, not sure. It was no big deal. It cost $10 and was good for I think 7 years in my county. Had to make up a letterhead, but that was easy, also. Small price to pay to have a job.

Not required in my state... - Bear

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So I had to send an e-mail from my a govt official stating so.

Becoming LLC -- long message - A new businesswoman

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I just started working as an IC for the 1st time. I talked to my accountant and she very strongly encouraged me to become a business to protect myself, my personal assets, and my joint assets with my husband. She said she has seen so many frivolous lawsuits, and if I make a mistake in a report I could be sued. She said even if I did nothing wrong, lawyer fees could be huge to defend myself if someone sues me. Being a business protects me from that -- if I get sued, I can dissolve the business and they won't have anyone to go after. It only took 1 day to get the LLC registered. Next I applied for a city license. It seems worth it to me, but the company I am now transcribing for felt it was totally unnecessary. I guess it is an individual decision, but the accountant said if I'm filling out a Schedule C on income tax, that means I AM a business and I should do it correctly.

sounds like your accountant - is seeking job security

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I would like to hear your accoutant's reasoning on you being sued when you are subcontracting for a larger company. That larger company holds the contract with the medical facility and thus, THEY would be responsible for any work that was done incorrectly, even though YOU may have typed it.

Also, I have been doing taxes since 2004 and I have NEVER in any of my classes been told that you have to be a business in order to do a schedule C correctly.

I think your accoutant is preying on your lack of knowledge. If you want a business license for your own sanity, by all means, but it is NOT necessary in order to file taxes correctly.

It sounds to me like her accountant - Old Pro

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is not "preying" upon anyone. He or she is doing what a good accountant is supposed to do--protect the client and her assets.

New businesswoman - Old Pro

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I think your accountant is right on. We live in a very litigious society, made more so by the economic times. I owned my own business for 40 years and was never sued, but I took proper legal precautions to protect my assets. I think your account is wise. Too many of these folks who work at home know nothing about business and do not do business in a businesslike way. Then when trouble comes they have no idea what to so. Sounds like you are proceeding in the right, businesslike fashion. And, BTW, having a good CPA can save you thousands of dollars in taxes. I still do some consulting and yes, I still use the services of my CPA. Good luck to you in your business. I hope it is a huge success!

Thanks so much for the support! - New businesswoman

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I really appreciate your words of encouragement. It is not expensive to get set up this way, at least where I live, and I feel better knowing that I am doing things as a business. It is exciting at this stage of my life, too! I think some of the problems with the low pay for MTs is that we are not considered professional, and it is worth it to me to do this. Thanks again for your kind reply.

New businesswoman - Old Pro

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You're welcome! You sound like the kind of person who SHOULD go into our profession--professional, organized, and businesslike! You are willing to actually do business in a professional way--refreshing! Please let us know how you are doing. I'm betting on your success.

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