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hi, a friend of mine is currently doing private practice and asked if I would like to rent the room for a few hours to start some private work. What I am unsure about is how do I process my earnings and get paid? Someone mentioned I should set myself up as a ltd company. Does anyone have any advice? I would really appreciate the help!
Hi.
I dont not know where you are from. I am from Australia.
If it were me, set up a rent per patient basis. Say 25% to include receptionist, phone, stationery, etc.
Then put a ceiling on the rent. That way, if you don't see many people, you won't pay rent. If you see a lot, you don't pay too much.
e.g. say his rent is $400/wk. Set your ceiling at $200/wk. That way, he is not losing out.
If for some reason you become hugely successful, negotiate better terms with him.
The advantage of a company is limited liability. As a director, they can come after you for money so make sure you don't have any real assets and your wife is not the other director.
To process your earnings, set up a system where he can collect the money and give you your share after he has deducted the rent. Another more complicated way is for you to collect the money and pay him. Either way, you are going to have to trust each other. At the moment, we collect the money from the massage therapist who is on a system like this and pay her the value of the massage minus rent.
See how you go. There are many ways to skin a cat. My best advice is to be fair and not greedy. And settle on something so you can sleep at night...
Thanks alot that really helps! Im from the Uk, the guy I will be working with is pretty trust worthy we trained together and I think it will work out! Cheers!:D