It really depends on your projected income for the next 3 years.
The 2 popular ones for Physicians are usually Sole Proprietor i.e Single member LLC. Under this tax classification, all income and losses will flow through the LLC. So, net business income/loss will reflect on your 1040 Individual tax. Benefits of this setup is that it is easy & often times if you are just starting out, you can do DIY taxes. This is preferred if you are only consulting.
The second is the most preferred as we see many of our clients Dentists, physicians, even specialists etc setup as LLC with S tax election. Many physicians, generate revenues the very first year as a contracting physician. Many even have long term contracts with many healthcare providers. So by choosing S Corporation, you will be the owner employee of the corporation. The company will pay you salary, there is no double taxation & so may be most beneficial in your situation.
However, there are exceptions in every scenario. So while these are general guidelines, we often recommend you consult with a CPA who can offer customized options that may be more relevant & useful to you.
** Our response to a question asked on quora
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