As with any other formal agreement, it is always advisable to seek advice in the constitution of the contract and to outline constraints and clauses, including: a cost-sharing agreement allows two or more dentists to work side by side in an office and share expenses such as rent, electricity bills, the costs of common equipment and staff salaries. This can offer a lot of flexibility and has many advantages, financially and elsewhere. However, it is important to set clear boundaries when it comes to patient lists and personal assets. In the absence of two identical practices, the agreement will differ from one practice to another; there is no one-size-fits-all agreement. It is therefore worth using a company specializing in dental care when drawing up an information-sharing agreement. Companies like Goodman Grant have extensive experience in managing the legal concerns of the dental sector and offer competent service. Such agreements cover many different subjects. For example, the written agreement indicates what will happen in the event of a prolonged absence of a partner. It is important that consideration be given from the outset to what should happen in such circumstances and that the agreement records what has been agreed between the contracting entities. Without this agreement, a partner can dissolve the partnership at any time without having to consult his colleague.
This can lead to other unwanted complications, so it`s always a good idea to make sure this deal is quickly settled. The agreement will differ from one practice to another; there is no one-size-fits-all agreement. The independence of having your own practice, but saving with half the costs, is a very tempting idea. However, it is absolutely essential that every aspect of the operation of the practice be seriously considered and that this agreement is then recorded in a tailor-made agreement drafted by those who know the dental industry and the issues to be addressed, in order to avoid the nightmare scenarios that can arise if there is no written agreement. This greatly increases the chances that the practice will be effective and effective for all parties involved. Another agreement that dentists can use is profit-making. Without an agreement, the partners share the profits equally, but if there is a profit-sharing contract, the profits can be distributed in any way possible, as long as the law so provides. When forming the quota, partners can take into account all the justifications for their profit sharing – the main considerations are usually responsibility and capital contribution.
Concluding such an agreement has many advantages and not all the financial advantages. An aspect that must be described in detail in the written agreement describes the behavior in case of prolonged absence of a partner. It is important that the agreement compensates for the poor health of the parties concerned. In the event of the death of a partner, the cost-sharing agreement must indicate the measures to be taken by the remaining partners. It is necessary to specify the new responsibilities of each member. Other potential benefits are the development of contacts and the use of the silent partner as an intermediary in case of disagreement between the partners on finances. Our team of dental experts can establish an agreement tailored to your needs so that your interests and those of your practice are protected in the short, medium and long term. The independence of having your own practice, but saving with half the costs, is a very tempting idea. However, it is absolutely essential that the right legal agreements are concluded in order to avoid divergences between the parties concerned. . .