Professional Practice Formation

Professional practice partnerships can be a simple document based on a co-op model or a detailed guide to the financial operation. How will the profits be divided? In a dental office, will partners share equally in the hygiene revenue? Will hygiene checks determine who receives the fee? Should fees from associate or hygienists work be allocated on the basis of ownership or production? Should all partners share the revenue impact of a partner with a large managed care patient base? How will your partnership handle maternity leave? Should a partner leaving the firm be allowed to sell their interest to any practitioner or should the sale be of interest be restricted to current partners and associates? Should a new partner be allowed to buy an interest in the building which houses the practice? Should the partners purchase life insurance to fund the purchase of interest held by a deceased partner? What impact should the divorce of a partner have on the practice? Should a partner be allowed to borrow money from the partnership? How should partnership costs be allocated, should they be divided across the board based on the amount of ownership or the amount of production by each member? Should the costs of hygienists and associates be borne on the basis of ownership or production? What happens to the partnership if a partner abandons the practice? What happens to the partnership interest of a partner who becomes disabled? How should a practice partnership interest be valued? Separating income by production and share interest based on the source; providing clear plans for successorship and valuation of practice interest when conveyed due to death disability or departure.

The fixed fee for professional practice formation ranges from $2,500 to $7,500 depending upon the number of professionals and how the ownership interest is allocated. A specific fixed fee will be provided based on the answers to the client questionnaire. Whether a professional corporation for a single practitioner or a sophisticated partnership of professional entities, the right professional entity will be a comprehensive document that is easy to read and organized to be intuitive in use. The process starts with the client completing a comprehensive questionnaire developed from decades of experience. With a focus on the issues most important to your practice, you will promptly receive a draft for review. The fixed fee services include all revisions and updates as we complete the final practice documentation. The fee also includes a year of email and telephone consultation on all matters related to the practice.

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