6175714
9781572486157
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Excerpt from Chapter 1: Organizing Your Business Everyone in business-and all professionals are engaged in business-knows that survival requires careful financial planning, yet few fully realize the importance of selecting the best legal form for the business. Small health care practices have little need for the sophisticated organizational structures utilized in large, publicly traded corporations, but since all health care professionals must pay taxes, obtain loans, and expose themselves to potential liability, it only makes sense to structure a practice so as to address these issues. Every business has an organizational form best suited to it. When we counsel people on organizing their businesses, we usually adopt a two-step approach. First, we discuss various aspects of taxation and liability in order to decide which of the basic legal structures is best. Forms that may be available for doctors, dentists, and other health care professionals are the sole proprietorship, the partnership, the corporation, the limited liability company, the limited liability partnership, and a few hybrids. Once we have decided which of these is most appropriate, we draft the organizational documents, such as partnership agreements, corporate bylaws, or operating agreements. These documents define the day-to-day operations of a business and must be tailored to individual situations. What we offer here is an explanation of the features of each of these kinds of organizations, including their advantages and disadvantages. This should give you an idea of which form might be best for your health care practice, though it should be noted that in many states there are limitations on the organizational forms available to health care and other professionals. We will discuss potential problems, but since we cannot go into a full discussion of the more intricate details, you should consult an experienced business attorney before deciding to adopt any particular structure. Our purpose is to facilitate your communication with your lawyer and enable you to better understand your options.DuBoff, Leonard is the author of 'Law (In Plain English) for Doctors, Dentists and Other Health Professionals', published 2008 under ISBN 9781572486157 and ISBN 1572486155.
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