Client is a LLC with Medi in its name. The business does various skin treatments, some of them considered "Medical" i.e. micro needling. These treatments are always done under a dr supervision. The business did not report to the State of Michigan their annual statement and because of this they are required to remove Medi from its name. Here is the issues:
1) The company must be under a PLLC owned solely by the doctor. This includes all of her equipment associated with "Medical" procedures.
2) The present business name will reflect either MSO or MSA. But basically this business is sold to the PLLC. Does not want to do this.
3) Then told doesn't have to transfer ownership per se, it just that the "Dr" name needs to be as the managing her supervising party to that "medical device" within the MSO or MSA.
4) Under the current name and tax ID there is a PPP loan.
5) The name MEDI must be removed from the current business name by June.
The major question, how is the PPP loan effected by the name change? Is their anyone out there that has a similar issue and how does it work.
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