After another successful 12 months of fundraising for Crombie Wilkinson Solicitors, this month has seen them handing over cheques totalling £2781.21 to Scarborough Whitby Ryedale MIND, Smiley Riley, Yorkshire Air Ambulance and Young Minds. Duncan...
Buying and selling dental practices requires the support of a solicitor that knows this field of business and can advise accordingly to ensure a smooth transaction takes place.
Our team of solicitors in York, Malton, Selby and Pickering have many years combined expertise in advising dental practices on how to complete a sale or purchase a new practice. We cover a range of different scenarios and appreciate the complex requirements of many clients during such transactions.
Over the last few years we’ve seen a steady increase in dental practice purchases and you can rest assured you’re in safe hands with Crombie Wilkinson Solicitors.
A dental client recently said the following to us after the successful completion of a complex dental practice purchase -
I can't thank you enough for the good news and your absolute professional help. Thank you again. Kind regards Hamid.
The key areas we can assist and advise on are:
Dental Expense Share Agreements
Many dentists operate in an expense share arrangement with their business colleagues rather than form a traditional business partnership. There are many reasons for doing this and one of the main benefits is that each dentist has their own individual business and set of accounts. With this sort of relationship, it is essential that a written Expense Share Agreement is produced which sets out the agreed basis of the working relationship. It also helps having this document in place if one dentist decides to leave the arrangement.
An alternative to an Expense Share Agreement is a standard Partnership Agreement. This means both partners own the business together and take a share of the profits. A Partnership Agreement is a vital piece of legal documentation when one partner spends more time at the practice and the Agreement can ensure the profits are shared appropriately.
There once was a time when dentists were forbidden from trading within a Limited Company structure, however the General Medical Council regulation changes of 2006 meant that many dentists swiftly chose to operate as Limited Company. If two Limited Companies choose to become equal shareholders of a dental practice, a written Shareholder’s Agreement is required to document the fine details.
Dental Practice Incorporations
Incorporating a dental practice can be advantageous for many individuals as it offers personal asset protection. Following accountancy advice, we find that the decision to incorporate a dental practice can be due to tax reasons but it is also a way to give non-dentists a stake in a dental business. This is particularly beneficial if an outside investment is required. Dental practice incorporations can be complex if it involves an NHS practice and seeking specialist legal advice from Crombie Wilkinson Solicitors is recommended.
We can provide a bespoke alternative to the version offered by the BDA if required.
If you would like more information on our legal services to dentists and why use us, please click here.