Legal Question in Tax Law in Illinois

medical corporations

can a chiropractor be incorporated as an S-Corp or do they need to be a medical corporation? Which is better for them and why? If a medical corporation, how is it taxed?


Asked on 11/04/07, 11:00 pm

1 Answer from Attorneys
Joseph Michelotti Michelotti & Associates, Ltd.

Re: medical corporations

To practice medicine you need to to have a business entity (Corp, LLC, Partnership, Sole Pr.) that is allowed to practice medicine in the state of Illinois.

The S-election status has to do with the corporation's IRS status. A Professional corporation may elect to have S-status or not for various reasons.

Its important to get this right at the inception because its costly to unravel later on.

email me if you have any questions.

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Answered on 11/07/07, 11:31 am


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