Partnership Terms

[Hemmingway]

I have an opportunity to become a partner in a new practice. It is a ground up opportunity starting a FP practice. I have exactly zero experience or knowledge of how partnerships formed in terms of who owns what percentage and when.I will be doing the sweat equity and the physician will be my supervisor and co-owner with me, initially, as a sole health care provider. Simple pragmatics require me to have a salary and bennies while we start up. So many questions..

 

How do I determine who should own how much? Gradual build in ownership as it becomes profitable? Based on how long I am there?

He needs to recoup his expenses and then any profit would be split based on ownership interest. How do I structure this so he gets his costs back but doesn't do it in a way that harms me or the clinic?

I know how to protect my interests contractually but I am almost dizzy trying to parse the variables and if I'm not knowledgeable from the start fell pretty sure I can get taken advantage of.

I know I have over simplified but I'm not sure where to start

 

[mandrew1]

I owned my own practice for eight years; three words of wisdom: Get An Attorney!

[JohnnyM2]

You have no business trying to go this alone. I had a partner in a medical service business, providing services to doctors and hospitals. The thing I can tell you is you need professional (legal) help to structure this properly. My partner and I decided to choose an attorney together so that he would represent the business and advise us as owners. Neither of us had a prior relationship with the attorney. It was well worth it to get the business structured properly so we would both feel comfortable. There is a lot you don't know. People on the forum may have lots of ideas for you, but you need an attorney to get it right.

 

Sent from my SM-G900V using Tapatalk

 

 

[Guest Paula]

You have to look at your state laws and determine what percent of a practice you are allowed to own.  Then get that attorney.