Sole proprietorships, partnerships, and corporations are the three most common categories of business entities in the United States. Many health care providers organize as corporations, but many private medical practices operate as sole proprietorships or partnerships. Each organizational structure has benefits, drawbacks, structures, setup processes, and taxation implications that health care entities must consider when deciding how to structure their business.
For each scenario, consider how you would proceed as a manager of this company. Be sure to include the following details to justify your thinking:
Here are the three scenarios for your consideration:
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