Speaker 1: There's some debate currently about whether having a corporation or having a limited liability company gives a physician more flexibility in his or her new practice. A corporation can be a professional service corporation, sometimes called a Professional Association, or a PA, or it can be a regular business corporation. It doesn't matter. In a limited liability company, on the other hand, can take the aspects of a partnership or a corporation and is going to have much more flexibility associated with it.
For a sole practitioner or even for two doctors together it makes little difference whether it is a Professional Association or a limited liability company. If the practice owns any real estate or major assets, we always recommend that those be put in a separate limited liability company. A limited liability company is the best entity to own any sort of large assets or real estate.