Business & Professional Practice
Build a sustainable practice with sound business habits, ethical care, and professional resilience.
Lesson 1 of 10
Business plans and structures
A business plan turns a professional vision into practical decisions about clients, services, costs, and operations. Choose a legal structure with advice appropriate to your location and circumstances. Sole proprietorships are simple but do not generally separate personal and business liability. Partnerships, LLCs, and corporations have different governance, tax, and liability rules that vary by jurisdiction.
Key points
- Define your target clients, services, hours, location, and referral network.
- Estimate startup costs, recurring expenses, income, and cash reserves.
- A sole proprietorship is commonly the simplest structure; the owner bears business obligations personally.
- Partnerships need clear agreements on roles, decisions, contributions, and exits.
- An LLC may provide liability separation, subject to rules and proper operation.
- Corporations have formal governance and reporting; obtain legal and tax advice before choosing.
Key terms
- Business plan
- A written operating and financial roadmap for a business.
- Sole proprietorship
- A business owned by one person without a separate incorporated entity.
- Partnership
- A business arrangement in which two or more owners share responsibilities and terms.
- Limited liability company (LLC)
- A state-created entity whose liability and tax treatment depend on applicable rules.
- Corporation
- A legally distinct entity with formal governance requirements.
Memory tip
Plan before you launch: Clients, Costs, Compliance, Cash.
Clinical note
Business structures and protections are jurisdiction-specific; an entity alone does not replace appropriate insurance or careful practice.
Unit checkpoint
Lock it in: match the terms, then test yourself.