Some dentists opt for a formal expense sharing agreement as an alternative to drawing up a traditional partnership. Whatever the working relationship between the dentists in a practice it is always advisable to have a formal agreement drawn up.
An expense sharing agreement allows two or more dentists to work alongside one another in a practice, sharing expenses such as rent, utility bills, costs of shared equipment and the wages of staff. This can offer a lot of flexibility and has many benefits, financial and otherwise. However, it is important to establish clear boundaries in terms of patient lists and personal assets.
An expense sharing agreement will have many of the advantages of a traditional partnership such as enabling a dentist to benefit from interaction and support from other dentists in a professional environment. A dentist will also still have independence and the freedom that comes with being the sole owner of the practice.
If you rely only on an informal, verbal agreement you could face costly, time-consuming problems if things do not go as smoothly as you would like or you are unable to resolve disagreements. In an environment where a number of professionals each have their own plans, obligations, aspirations and expectations it is highly unlikely that everyone will agree all of the time.
How we can help
At Else Solicitors we have long-standing relationships with the healthcare sector, and in particular with dentistry, and we are experienced in advising on expense sharing agreements. The terms and conditions of these agreements can vary widely and have a lot of similar characteristics to provisions found in partnership agreements.
Our team of dental experts can draft an agreement tailored to your needs so that your interests, and those of your practice, are protected in the short, medium and long term.
For more information on how we can help with expense sharing agreements, please contact the dental law team on 01283 526200, alternatively you can send us a message and one of our specialist solicitors will be in touch.