When starting up a new practice, a dentist is faced with many important decisions – everything from finding a lender, location, staff, and choosing suppliers and equipment, just to name a few. These matters consume a lot of the focus and attention, and rightfully so. They’ll directly impact the ultimate level of success of the practice.
However, it can be the smaller, detail-oriented tasks that play the biggest roles in making sure the new business can “hit the ground running”. Because just like in our previous article about Early Termination Fees, the details matter. Unfortunately, the seemingly small things can often fall through the cracks. Sometimes the consequences are minute and easily fixable, while other times the ramifications can be costly.
This is especially true for anything that involves documents or applications that require legal business names and tax identification numbers (TIN). Depending on the type of business entity, the TIN is either a federal employer identification number (FEIN) or a social security number (SSN). Now, most of the matters that involve this type of information will receive full attention and care, since they’re typically financial and legal in nature. However, there will be scenarios during the setup process of a new practice where this information plays an important role which may not be as obvious.
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