How To Start A Home Care Agency | Episode 4 - Which Is Better Corporation vs LLC?
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- เผยแพร่เมื่อ 21 เม.ย. 2020
- Ever wanted to get the answer to "How To Start A Home Care Agency?", if you have you're in the right place. My name is Karl & I am the founder of Aaidebook Inc, the innovations leader in discharge planning and Home Healthcare. This series is designed to walk you through the process and my journey of expanding the business and the challenges that are faced. As this series progresses you will be exposed to everything you need to know to start a home care agency, my approach to business, and everything you will need to succeed in this industry.
This Episode covers the different business types and addresses the question of which is better Corporation or LLC. Here's the bookmarks:
3:24 -what is an LLC
8:20 LLC tax consideration
10:05 The corporation
12:45 issuing shares in a corporation.
13:00 share dilution misstated. Better video explaining below
14:20 how corporations get taxed.
18:05. S Corp election
19:40 where and how to I create my entity.
26:30 Summary
For those of you thinking what is a home care agency the answer is quite simple. A home care agency is company that provides health care personnel in the homes of patients/clients in need of Nursing Care, Physical Therapy, Occupational Therapy, Assistance with Daily Living Activities, Companionship & Housekeeping. The industry is usually divided between skilled and unskilled professionals or as Medicaid and Medicare Agencies. The type of agency you start depends on your State's regulations and the scope of services you plan to provide.
Join me on my journey of starting a home care agency and taking that company public. This is the life of an ENTP
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#Nursing #nursingagency #entrepreneurship
Right now I'm hiring LPNs for my Home Care Agency in New York, if you're interested, you can get more information and apply here: bit.ly/JobsAaide
Thanks so much for making this a step by step process. It’s great to have the details.
You are so welcome! Keep following. I am going about it step by step.
Your info was invaluable. You really demystified the corporate structure for me. Thank you. Keep up the good work. You seem well polished in your presentation and I see many subs in the future. All the best!
Thank you! Will do!
Didn’t listen to the whole video before asking my question! Lol! You answered it. Great video.
Glad you liked it!!
Very solid information. I made a lot of mistakes with forming companies in the past. How to do it for different businesses is not always clearly explained.
Glad I could help, was it clear for you?
Wow that was a very structured information. I m thinking of starting my own business. Although I haven’t decided on which one . Either home health or skilled services. But I am sure I might have lots of questions once I start the process. Thank you very much.
Cool. Have you checked out my videos on Healthcare staffing
Amazing!
I and a partner just started a homecare agency. We still didn't get licensed. Your videos are amazing brother, so can't thank you enough. I may be reaching out to you if we need your expertise.
Sure. Keep it up. I'm looking for people to demo our software. Let me know if you're interested that way I can setup a date to review.
Thank you so much Karl, your informations has been like an eye opener to things i was look at. I have already started application process in DC area, pls will like you to find out more information within that area since you already have great experience and elaborate in it. appreciate.
I don't know about DC area but could set you up with all other things. Software workers compensation insurances etc.
Yessss Great information!! I’m actually wanting to start a home health agency here in Dallas,TX. We are the very beginning stages and are wanting to get the ball rolling to get opened. My partner and I would to be in contact with you for questions and knowledge!!!
Hey Joyce if you haven't already emailed karl@solislapierre.com subject line staffing agency/homecare agency.
Great video.
Thanks!
Great information. Thank You. I’am a Nurse practitioner. I’m about to sign a contract with my consultant company to start up my Skilled Home care Agency in Virginia. Thanks for all the information. I do I need a Doctor in VA because my consultant company did not say that? Also getting DON and an Administrator is the toughest part because I’m base in MD and with VA laws these positions need to be hold by VA RN who are resident in VA.
Awesome! Your consultant will be able to advise you on state specific requirements. It all depends on your state and I'm not familiar with Virginia, ultimately you have to adhere to your State regs whatever they are.
Hi,I'm so thankful that I discovered your channel, can you put together a class or book with this info and go a little more in depth on the subject thanks
I am actually putting together a class on starting a healthcare staffing agency. email me karl@solislapierre.com subject line staffing agency
@@Karl__Pierre ok thanks!
How are you? Im enjoying all of your videos on home care. Im am in the planning stages of forming my own hca as we speak. I am planning to organize my business as a corporation with 2 other partners. As of right now it is not in our plans to go public. And we are aiming for 1000 clients within 3 years. With that in consideration which corporate structure do you think best fits our business? I know there is so much more to consider but what do you think on a general level?
I think you should consult with your attorney and accountant to help you make that decision. Small variances in structure. I think at this phase it's more important to ensure your partners are the right fit and that roles, expectations, and vision for the company are in line. Sorry for the non answer but this is the best advice I can give on this.
I am a Nurse Practitioner trying to open my own home health agency and this is very valuable information. For the agency, do you need to have a Physician in order to provide home care? Thank you for your guidance.
Lazaro - thanks for reaching out. Depends on your state, what state are you in. For example in Florida I need to have a doctor on my PAC committee. If you need a doc most will be available for a fee which can be per diem or hourly. Negotiate that with them and work it out. Remember by law if they are a medical director you cannot receive referrals so bring them on as medical advisors. Would love to talk further. Go to my website www.ontimeits.com that is my home care software. Shoot me a message on the contact form so I can have your email and continue working with you.
If you do decide to start a business with someone else and we share if 50/50, if you go to SCORP route, who files it on their taxes or is this a scenario where it makes more sense to do CCORP? Sorry if this is a stupid question, just want to clarify.
S-corp is pass through taxation meaning every year the profits or losses get reported to your personal taxes as a shareholder of said s-corp. I recommend scorps for smaller 1-3 owner businesses that are doing less than $1,000,000 annual revenue. If you plan to go larger structure as a c Corp
@@Karl__Pierre thank you so much! I’m learning so much from your home health startup videos.
@@Karl__Pierre Hello. I want to take this time to express my sincere thanks for all the information that you are providing us. Could you clarify this answer? Could both owners use the pass-through taxation or just one owner? Thank you.
When you say “ go public” what do you mean?
Good question. That means being listed on the public stock exchange. Fairly complex process but my goal with this company is to take it there in 5-7 years. Early investors benefit from the boost in valuation. For example a leader in the space is currently priced at $90/share. Early investors could buy a $1-10/share and when publicly trading at $90/share benefit from that profit. Same thing as early investors I'm Facebook, Twitter Amazon etc.
Hello What is the website that I can see if the name of my company is available to use?
You have to search your states department of state website or google how to search corporation {state} and you should see something.
Hi, what is the consulting agency that you recommended?
Email me info@entplife.com so I can make an introductions. What state and which type of agency skilled or nonskilled
Morning, I sent you that email 🙂
How are you doing I have a home health care agency I just started. Do you have any tips on how to get more private pay clients ?
Hey Marlon! Mailers & Newspaper ads in senior communities. Make sure you trial a large number like 2000 mailers to test the effectiveness of the campaign. How many calls, how many conversions, annual return on said investment. Aside from that outreach to primary care physicians and estate planning attorneys. What are you using as software for your practice? I would love to talk to you about over platform www.Ontimeits.com there is a general overview on our website. Lastly any reason why you don't want medicaid, medicare, and insured clients?
How are thank you for that platform I love the fact that my employees will be able to clock in through their phone with a gps tracker. Such a great idea
I will eventually love to take on Medicaid cases but I am still in the process of applying for the waiver program choosing a board of directors.
In your professional opinion what would you consider to be an “asset” in the home health care business?
Where's episode 3? It skips from ep 2 to this episode (ep 4)...
How did you access this one.. I'm still editing 3 and 4 is supposed to be unlisted... Weird
Just released this episode and episode 3 is out as well. I tried using the scheduler but it gets all weird. But 1-4 are out now.
What if your starting off with just you . I’m looking to start a non medical health care . I thought just getting my LLC was the best thing for me
Unfortunately not the case. I recommend booking a call with my team at www.passiveworkforce.com from there we can assess where you are and best path forward
Does anyone know the difference between Home Health Agency: Continual vs Provisional? Thanks.
What state?
@@Karl__Pierre Wisconsin
@@speechclass9556 provision is 1st step where you can start to service clients and continual is after your accreditation survey for Medicare.
Thank you
@@speechclass9556 email me info@entplife.com subject line home care agency if you need to be connected with people who can help.
How can I invest in your company?
There a few ways. I will be doing a debt offering and a private placement. As a non public company I have to have a previous relationship with all investors and they have to be qualified investors. In a debt offering this burden doesn't exist. Email me using my www.ontimeits.com contact form and I would love to talk to you about it.
Good morning,
I’m Mike I’m us Army veteran. Can you please help me to have one home health aide agency in the Bronx NY ?
Hi Mike we can assist but NY is not issuing new licenses in NYC
15:22 I misspoke I get $700,000 is what I meant to say!
all good
Are you In FL
yes
Hi, I am new to this website that you explain about home health care agency, can I have your contact to discuss please
Hi, I think I posted in wrong site that you replied to me, and I just went information how your company will help ? I got license last year in Virginia and having a problem with getting a client and if you guys help.
Thanks
Go to my website www.ontimeits.com that is my home care software. Shoot me a message on the contact form so I can have your email and continue working with you.
How do I contact you? Can we Zoom or which ever video call you use? I have an opportunity and would like your advice please.
Email me at karl at solislapierre dot come and we can coordinate.
Thank you so much for sharing this invaluable information. I have become a huge fan of your channel. Carl can you be reached by email?
Yup its in the about me section of my page. Thanks for the support I really appreciate that feedback, knowing that I am contributing good information is rewarding.
Your info was invaluable. You really demystified the corporate structure for me. Thank you. Keep up the good work. You seem well polished in your presentation and I see many subs in the future. All the best!
I appreciate that!