Dental Partnerships in Washington and Texas – Why you need an experienced law firm
There are an abundance of benefits of entering a partnership in lieu of setting up a solo practice. This explains the popularity of dental partnerships. A good number of newly-minted dentists will form a group and will set up a practice as partners rather than as individuals. This is because they want to take advantage of the following benefits:
- They can share overhead/costs.
More money can be made when costs/overhead are shared by all doctors in a partnership.
- They can stretch their limited resources.
A lot of new dentists have student debts so it follows that they don’t have the money needed to set up a practice on their own. By partnering with other dentists, they can pool together their money to set up a partnership.
This also helps if they can’t devote all their time and effort into a practice. With dental partnerships, the tasks can be allocated across all partners so individuals don’t have to do everything on their own.
- The risks and liabilities can be spread out.
A single dentist doesn’t have to absorb all potential risks and liabilities. The risks and liabilities can be spread out and allocated across all the partners, which can cause less stress.
A single owner dentist typically must shut down its office when taking a vacation, and therefore such owner rarely wants to take time off. In a partnership, the office does not need to shut down when a doctor wants to take time off because the other partners can practice and manage the practice in the interim
Hiring a Law Firm in Setting Up Dental Partnerships
In order to take advantage of the aforementioned benefits, hire a law firm like Cohen Law Firm to structure the partnership business and documentation for you. There are a lot of interests to protect among all the partners so it just makes sense to hire an expert to make sure that your partnership is off to a right start.
First of all, you want to examine whether a partnership is right for you or not. A good law firm that concentrates on dental partnerships should be able to determine if it’s the best legal structure for you. Once that’s established, a partnership agreement will have to be drafted. As you can probably imagine, a partnership agreement is very complex because there are several parties involved and several points to address. Doctors generally always know how to get into a partnership, but they don’t always know how to operate through a partnership, and certainly don’t nearly examine how to get out of a partnership thoroughly enough. Cohen Law Firm can help guide you through this process.
The agreement will contain all pertinent information regarding the partnership to make sure that everything is covered. This is very important to make sure that all future issues can be easily resolved because they will be covered in the partnership agreement. This agreement will include information regarding cost sharing, income splitting, retirement, death, disability, disagreement, working capital, management authority, etc. The document should also include non-compete, non-solicitation and non-disclosure agreements for all the partners to protect the interests of the partnership if in case one partner decides to part ways
Hiring the Right Law Firm
It goes without saying that you should hire a firm that’s experienced when it comes to dental partnerships. You should hire a law firm like Cohen Law Firm that has a team of attorneys that focus on this field of the law. These attorneys have handled hundreds of partnerships across them so you can be sure that they know what to do in helping you set up a partnership.
In addition to experience, professionalism also plays an important part. The firm should have the interests of all parties involved in mind. The law firm should also be very thorough to make sure that all agreements are iron-clad and wouldn’t have any potential loopholes that can present headaches later on.
Last, but certainly not the least, the law firm should have a knowledgeable team ready to help you. They should be able to answer all questions that you may have. They should be an authority when it comes to dental partnerships. They should be aware of all existing and potential issues and they should be knowledgeable in the dental industry in general. Only a firm concentrating on dental transactions can address all critical issues that may face a partnership.
Contact Cohen Law Firm
As mentioned, the first step is to know whether a partnership is the right legal structure for you or not. Contact Cohen Law Firm today to find out if this is the case. If yes, then the firm can help you take advantage of the benefits of dental partnerships.