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New practice funding
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New practice funding - October 10, 2006 6:53:00 PM
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ptdan23
Posts: 224
Joined: November 6, 2003
From: Orlando, FL
Status: offline
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Any tips on obtaining funding for starting a new practice? Other than the obvious loans from the bank or a friend or inverstor any other ideas?
Thanks, Dan, PT.
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Re: New practice funding - October 17, 2006 5:59:00 AM
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KIDPT23
Posts: 222
Joined: May 20, 2002
From: Illinois
Status: offline
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I got some family in the MOB who may have some ideas.
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Re: New practice funding - December 9, 2006 6:25:00 PM
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cowboybuboy
Posts: 51
Joined: June 15, 2005
Status: offline
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Try [URL=http://www.prosper.com]www.prosper.com[/URL]
I got a loan from the website.
People bid on the amount of loan that you need.
If you want to be a member of a group, give me your email ad and I'll invite you to my PT group.
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Re: New practice funding - December 12, 2006 6:26:00 PM
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ianwvu
Posts: 64
Joined: June 11, 2004
From: Glendale, AZ
Status: offline
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What kind of interest rate did you get cowboy?
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Re: New practice funding - December 15, 2006 4:16:00 PM
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cowboybuboy
Posts: 51
Joined: June 15, 2005
Status: offline
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It was pretty high since I don't have the best credit. But if you have a good credit rating, you should get a good rate.
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Re: New practice funding - December 16, 2006 11:43:00 AM
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curio
Posts: 70
Joined: May 22, 2003
Status: offline
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I would be intested in hearing more about your experiences of planning, opening, and financing your private practice...has anyone considered going to a practice based upon a model where your PT's are partners..and get paid based upon what they bill...kinda how the MD's do it...hhmmm
cheers!@
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Re: New practice funding - December 17, 2006 12:27:00 PM
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hmgross
Posts: 287
Joined: February 28, 2003
From: Minnesota
Status: offline
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Curio
Not sure where you live, but in the US, some states (mine included) don't yet allow for a partnership setting like lawyers and doctors have. I am not sure why but I found that out when first planning my business. The APTA private practice section has good resources, the "how to" manual helped point me in the right direction. I started with a home equity loan and now having been in business over 2 yrs can get business lines of credit with my bank. (BTW I see pts. full time and employ a full time PT and it is going well. I knew the PT I hired and never had to worry about her productivity. We are both very busy--she covers early morning hrs, works til early afternoon. I come in at 9 and stay into the evening. Sometimes luck is on my side. Haven't had any trouble with my working relationship.
_____________________________
Holly Gross PT
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Re: New practice funding - December 18, 2006 4:52:00 AM
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Sean Weatherston
Posts: 102
Joined: August 3, 2005
From: Idaho
Status: offline
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Nobody has mentioned lottery tickets yet as a potential funding source?
Curio,
I believe the partnership you're asking about is a PLLC or PC and it depends on the state in which you'd be incorporating. When my buddy and I opened our shop 18 months ago, we went with forming an S-corp because it seemed like it would be easier to add new partners. Others go with an LLC as well...
Sean
_____________________________
Sean Weatherston, PT, OCS, CSCS
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Re: New practice funding - December 18, 2006 7:32:00 AM
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curio
Posts: 70
Joined: May 22, 2003
Status: offline
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I appreciate your replies...I hope to venture out and take the plunge into private practice in 1-2 years...its always interesting to hear from, and learn from others experiences...
Cheers :) happy holidays
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