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trying to start up a business, but dont know how!

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  1. #11
    Quote Originally Posted by jaykay:
    PL insurance won't cover half of what a licensed Physical Therapist may be exposed to...
    Can you tell us what sort of risks that can not be covered by PL insurance or other insurance?
    Last edited by dragon_simon; 22-12-2012 at 09:26 AM.
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  2. #12
    Quote Originally Posted by jaykay:
    I pay 7K a year for auditing and accounting. Being a LTD means minimal salary, all expenses paid and non taxable dividends. Saves me 3 figure tax bills. For 7K. But of course you can choose to save your 7K....
    ??? Im sure you don't mean what you wrote.

  3. #13

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    Quote Originally Posted by dragon_simon:
    Can you tell us what sort of risks that can not be covered by PL insurance or other insurance?
    Being a Physical Therapist means a danger of being sued for damages caused by treatment or malpractice not covered by PL insurance. For that you also need Professional Indemnity insurance.
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  4. #14

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    Quote Originally Posted by dragon_simon:
    ??? Im sure you don't mean what you wrote.
    Que? Don't mean what......?

  5. #15
    Quote Originally Posted by jaykay:
    Being a Physical Therapist means a danger of being sued for damages caused by treatment or malpractice not covered by PL insurance. For that you also need Professional Indemnity insurance.
    Bingo. It can be insured.
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  6. #16

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    Quote Originally Posted by dragon_simon:
    Bingo. It can be insured.
    Actually not all scenarios can be insured. Therefore if you aren't operating as part of a large hospital or similar you're much better off being a ltd company and minimalising your personal risk especially with medical.
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  7. #17

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    I would suggest to check the business licence information carefully, since PT is quite a regulated business:
    https://www.success.tid.gov.hk/tid/eng/blics/index.jsp

    jaykay likes this.

  8. #18

    Wow, thanks for the many good replies! To be clear, Im a type of physical therapist (or body therapist), not a physiotherapist, meaning unlicenced and unregulated but still need insurance none the less. Many others I know just rent office space and do their thing under the table and never run into trouble, but as this is my career and sole source of income I want to enter into the business properly.

    I did look at investhk.gov.com and "seems" the steps are easy: register the company (under $2000), register the business (no fee for 2012/13), and submit 3 forms they have for download. I need to read into what is the Memorandum of Association and Articles of Association but it seems this is all that is really needed. Can it be as easy as one trip to the registery and paying the fees? Man, I hope so!


  9. #19

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    LTD.COMPANY

    To register a new company will cost you more than $5,000/ You will need a CPA.
    They have standard Memorandum and Articles of association.
    You can also buy a ready made shell company from many companies, who are in business of selling of ready made companies. Plus you have to get a B R Certificate which will cost $450/ at present, bu normally costs $2,450/


    Quote Originally Posted by newandconfused:
    Wow, thanks for the many good replies! To be clear, Im a type of physical therapist (or body therapist), not a physiotherapist, meaning unlicenced and unregulated but still need insurance none the less. Many others I know just rent office space and do their thing under the table and never run into trouble, but as this is my career and sole source of income I want to enter into the business properly.

    I did look at investhk.gov.com and "seems" the steps are easy: register the company (under $2000), register the business (no fee for 2012/13), and submit 3 forms they have for download. I need to read into what is the Memorandum of Association and Articles of Association but it seems this is all that is really needed. Can it be as easy as one trip to the registery and paying the fees? Man, I hope so!

  10. #20

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    Quote Originally Posted by jaykay:
    Being a Physical Therapist means a danger of being sued for damages caused by treatment or malpractice not covered by PL insurance. For that you also need Professional Indemnity insurance.
    Which is f'ing hard to get and v expensive in hk.

    Sent from my GT-N8000 using GeoClicks Mobile
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