Establishing Legal & Structural Foundations

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Establishing Legal & Structural Foundations Student Institution Date Establishing Legal & Structural Foundations Introduction Venturing into business not only requires knowledge about the trade, but also an understanding of the legal laws at both the local and federal level. Establishing a legal and structural foundation is important when starting a business because it enables business owners to identify the legal structures that best meet their needs. It also helps to solidify the ownership and position of the business. The structure of a limited liability company (LLC) for an ARNP is such that the members of the wound care institution are not personally liable for the debts and liabilities of the firm (Booker & Waugh, 2016). The firm also operates using bylaws as well as an operating agreement. Business and Occupational Permits One of the business permits required when establishing the limited liability company is a basic operation LLC license that is acquired from the city or region in which the health institution is located. Second, the tax identification number is also essential and basic for a start-up business, since it will mean that the institution has registered for LLC taxes (Field, 2013). To acquire this permit, the company will register the LLC with the state tax agency. The business owner should also acquire a health department permit since most of the practices at the firm revolve around patient care. This permit will prove that the organization is well-equipped with the right health equipment and tools. Malpractice Insurance for Nurse Practitioner Malpractice insurance is professional liability insurance that professionals

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