When two or more dentists work together to co-own a dental practice for business, it is called a dental partnership.
Unlike professional corporations, dental partnerships can be formed accidentally, so dentists must exercise extreme caution. Dentists may be considered partners if they merely collaborate and split costs and earnings.
General partnerships have limitless responsibility to each member, which is one of the main disadvantages of creating a dental partnership. click here to learn more about this.
What Advantages Come With Partnering With A Dentist?
The following are some advantages of working with another dentist:
- When you are gone, your partner can handle the expenses and run the company;
- Your companion may possess qualities that you lack;
- Partners may depend on one another for guidance regarding new or peculiar care requirements;
- Having a seasoned dentistry partner who can serve as a mentor for a novice dentist is invaluable;
- Having a youthful, eager dental partner who can answer an emergency call and introduce new life and technology to the practice is invaluable for a seasoned dentist;
- When there are two sources of financial input, the practice can expand more quickly.
A dental collaboration arrangement between the participating doctors may be implicit, verbal, or written. If any aspect of the relationship between the doctors is not covered by the dental partnership agreement, California law will take control of that aspect of the relationship.
You should have a well-written California dentistry collaboration agreement for the following reasons:
- Before beginning, define each dentistry partner’s responsibilities and privileges;
- remove any doubts about how the practice should be conducted;
- Plan ahead for the valuation of the company in the event that one associate chooses to leave;
- Determine in advance a partner’s ability to exclude or admit a new partner to the relationship.
When Should I Employ A Skilled California Dentistry Partnership Lawyer?
As soon as you determine that you want to collaborate with another doctor, getting in touch with a dental lawyer is a good idea.
You can choose and interview prospective partners with the aid of an accomplished dentistry partnership lawyer.
Additionally, when you work with a skilled dental lawyer, they can have awkward or tough discussions with your prospective companion on your behalf.
Those are typically the most crucial discussions, and both sides must have a complete grasp. Last but not least, if you accept all of the conditions without first consulting an attorney, there is a good chance that some of them will need to be revisited and renegotiated, which typically annoys one or more partners.