Many dentists choose to incorporate their practice. This means that instead of operating as sole traders or partnerships, the practice is run by a company – a separate legal entity with limited liability.
With limited liability the owners of the business are not personally liable for the debts of the company, as long as they operate the practice appropriately and comply with all applicable legislation.
An incorporation involves the sale/transfer of your dental practice, including all the equipment, goodwill and property (if appropriate) to a new legal entity, a limited company set up to provide dental services.
The day to day running, management and workings of the practice remain unchanged but the business structure is now likely to be more advantageous to the owners.
It is a complex area of law and the considerations are vast, ranging from tax implications, valuation of the practice to employment contracts and TUPE (Transfer of Undertakings Protection of Employment Regulations 2006). Also things can get particularly complex if the practice is an NHS practice.
How we can help
The advantage of dealing with Else Solicitors is that we have a specialist dental law team which understands dental practices inside out and we also have a wealth of experience in all of the issues surrounding incorporation. We can liaise with all of your other advisers such as your accountant and financial adviser to ensure everything is handled efficiently, effectively and so as to ensure you get the most benefit out of incorporation.
To speak to a member of the dental law team about incorporating your dental practice, please call 01283 526200, alternatively you can send us a message and one our specialist solicitors will be in touch.