Dentists have several options when it comes to supporting one another in business. They might enter into a Partnership, in which profits, costs and liability are shared, or remain in control of their individual practices and share the cost of certain overheads with an Expense Sharing Agreement.Enlisting a solicitor with expert knowledge of the modern dental industry (and how the business side of practice works) is a vital first step. The solicitor will be able to advise on which option is most suitable, depending on the unique requirements of the dentists.
Partnerships not supported by an agreement can be dissolved at any point by any of the parties involved often with unwanted and potentially disastrous consequences, but with a professional agreement drafted by the solicitor, all parties can confidently share resources, expenses, income and liability and provide a pre agreed procedure for dealing with the death or retirement of the parties. However, if the dentists wish to retain individual practices but spread the burden of costs such as maintenance and utilities, an Expense Sharing Agreement may be more suitable.
Goodman Legal, Lawyers for Dentists provides a comprehensive range of services for dental practices. The team understands the commercial, industry and legal requirements of dentists and can assist with employment and property issues, contracts, practice merger and acquisition, practice sales & purchase and much more.
For more information please contact Ray Goodman, Goodman Legal, Lawyers for Dentists on 0800 073 0385, email firstname.lastname@example.org or visit www.goodmanlegal.co.uk