Creating or joining a partnership or business with another doctor or medical professional can be a great way to expand your practice, pool resources, and increase revenue. However, before entering a partnership, there are several important things that you should know and consider. Here are some of the key factors to keep in mind:
Importantly, these decisions should be memorialized in writing in either the Operating Agreement, the Corporate Bylaws, or the Partnership Agreement, depending on the type of business relationship you are joining.
While partnering with others can be beneficial, it is important to carefully consider these factors to ensure the business arrangement created is enforceable, mutually beneficial, and has a strong foundation for success.
As a former owner of medical practices with his physician wife, business attorney David Trevett understands the importance of creating a sound business organization that allows your medical career to flourish. If you have questions about forming a new entity, or joining an existing one, including the ideal legal structure and the documentation to support that structure, contact David and let him guide you through the successful navigation of the complexities of a forming the ideal legal entity to protect your interests.
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