Practice Entity Formation

When it comes to practice buy-ins, it’s important to have the right legal counsel on your side. From the perspective of both a buyer and a seller, there are many legal considerations to think about before you commit to a buy-in. An attorney can make sure you’re protected from litigation regarding the practice you’re buying into.

Why Entity Type Matters

Different business entities require different paperwork, expenses, liabilities, taxes, and other legal considerations. While there’s no one-size-fits-all solution for medical practices, Attorney Joe Hess will let you know what your options are so you can make the best decision for your business.

There are a few different factors to consider when choosing your entity type, including:

  • Expenses: Each entity type is associated with different costs.
  • Taxes and fees
  • Risks and liabilities: Certain practice types require different protections.
  • Number of owners: This will affect the options available to you.
  • Tax benefits
  • Maintenance costs: Every entity has different costs to maintain over time.

Forming an entity will limit your personal liability when it comes to certain corporate expenses and potential lawsuits. That way, you won’t have to worry about your personal assets being on the line if your practice encounters legal trouble.

This is especially important if you have more than one medical practitioner working for you, as you won’t be legally held responsible for any wrongdoings they might incur. However, depending on the issue, your practice may be held liable for paying those expenses.

Starting a practice is no easy task. The best first step is to ensure that you have the right entity type for your business, and Joe Hess Law Firm can help.


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