Sole proprietor of small physical therapy business

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Reference no: EM132188979

You are the sole proprietor of a small physical therapy business that is rapidly growing, but you need to raise additional money to fund your expansion. You talk to several friends and family members about making them partners in your business in exchange for investing in your business. However, they tell you that even though they have confidence in your business, they are too busy to be your business partners. They also do not want to be liable for your debts if you go bankrupt or for any lawsuit that you face. Furthermore, you find out that limited liability companies are not allowed in your state for healthcare practitioners (LLC laws vary state by state). What kind of legal structure do you think you should switch to in order to help persuade your friends and family members to invest in your business?

Reference no: EM132188979

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