AO Journal Group: How Business Legal Structures Work

Do you want to stay up on the latest related to hearing healthcare? Tune into the AO Journal Group where on a monthly basis our group of Contributing Editors will provide reviews of timely articles and information that relate to your clinical practice.

This article review was submitted by Robert Traynor, Ed.D., MBA, who is the owner of Audiology Associates of Greely and is a Contributing Editor for Audiology Online in the area of Practice Management

Article:

Molnar, M., (2006). How Business Legal Structures Work. HowStuffWorks.com Retrieved on May 24, 2006, from money.howstuffworks.com/biz-structure.htm

Review:

There are lots of web sites that can offer information on business topics, but a favorite of business students and professionals alike is a resource called HowStuffWorks.com. HowStuffWorks.com is a simple but powerful online reference, allowing the user to research a number of topics. The article "How Business Legal Structures Work" by Michael Molnar focuses on the nuts and bolts of various business legal concepts. Molnar presents, in up to date practicalities, one legal structure over another and some advantages and limitations of each in great detail. In addition, the article covers the basics of the various structures; key issues as the necessity for a business structure as well as assisting in the understanding of the main differences between business structures for taxes, liability, and administrative costs.

The article is a good resource for the reader in determining which structure is right given their situation and type of practice. Molnar also suggests that the person with specific questions regarding the appropriateness of a particular legal structure for a particular practice should be directed either an attorney or accountant to ensure that they are not overlooking details, such as city permits, licenses, etc. Audiology Online members who have read the recent publication by Traynor (2006) on "Advantages and Limitations of Various Business Legal Structures" will find the article by Molnar a great supplemental read.

Works Cited:

Traynor, R. (2006, May 1). Advantages and Limitations of Various Business Legal Structures. Audiology Online, Article 1571. Retrieved May 24, 2006, the Articles Archive on Audiology Online.