Editor's Note: This is a portion of a full article on how to form and license different entities. Members may access the full article here. To read a more in-depth discussion on the differences between the entities, click here.
Because a sole proprietorship is unincorporated, owned and run by one individual owner with no distinction between the business and the owner, there is no requirement to file paperwork with the Secretary of State to form an entity. When the sole proprietor of a physician office is properly licensed under the Illinois Medical Practice Act, that licensee may simply “hang up a shingle” and begin operating the practice. This individual owns or leases the assets of the practice in his or her own name and is personally and legally responsible for any business liabilities.
Keep reading with an ICS membership
This in-depth guidance is reserved for ICS members. Join the Illinois Chiropractic Society for full access to every article, CEU, compliance tool, and advocacy update.
