CORPORATIONS & CONTRACTS
Dentists see themselves as medical service providers, but the reality is that being a dentist means you are a business, either as an associate or as the owner of a dental practice. Being a business means you must manage more than just patient care. For some, that may mean managing finances, hiring employees, marketing, etc. You need professionals by your side to help with the business of dentistry. DMC can assist you in determining the correct business structure for your practice and organize and implement the legal paperwork required to achieve your goals.
How we help
At DMC, our team is uniquely qualified to help you evaluate the pros and cons of different business structures (e.g. practicing through a professional corporation, entering into a partnership or cost-share agreement, forming a DSO). We have helped hundreds of dentists set up, reorganize, and structure their practices and we will guide you through the options, paperwork, regulatory requirements and risk analysis to put you in the best position to succeed. Whether you want to create a new dentistry professional corporation, reorganize your existing corporation, or prepare to close your corporation upon sale or retirement, DMC will ensure you and your practice are protected, and your interests are promoted throughout the process.
All partnerships and cost-shares should have a written agreement to accurately set out the rights, roles, responsibilities, and liabilities of the parties. More importantly, a well-drafted written agreement will prevent misunderstandings, avoid costly disputes, and provide appropriate exit strategies in the event the parties wish to end the relationship voluntarily or due to death, disability, or health concerns. DMC has advised dentists and DSOs in many of these arrangements and knows how to properly structure the agreement so that your focus can be on your practice and patients.
Dentists are part of a unique group able to work through a professional corporation. A dentistry professional corporation at any stage of your career can be an important tool for you to achieve your financial goals. Our years of experience working with dentists has not only given us the skills to create a professional corporation but also the insight of how to tailor it to your specific needs. DMC can discuss with you how to use a professional corporation to your advantage. For example, you may be able to:
- Borrow money and enter into contracts with reduced personal liability.
- Lower or defer taxes.
- Income split with family.
- Offset expenses against income.
While incorporating a dentistry professional corporation may sound simple, getting it right and setting it up in a way that will maximize the benefits available to you is a more complicated process requiring specific paperwork to be drafted depending on your unique scenario. As many tax benefits and savings flow from the correct set-up and use of a professional corporation, getting it right at the beginning plays an essential role in your ongoing financial and retirement plans. DMC can help you determine if it is the right time or even worthwhile to incorporate your dental practice, based on your goals and our vast experience with different types of dental practices. We can guide you through the questions you should ask yourself to make sure that incorporating is right for you and your practice.
What do our clients say?
“DMC LLP was introduced to me by RBC bank. I contacted David and started the process of buying my first dental practice. Every step on the way I received great sound legal advice and learned about the details of buying a dental practice. I was amazed that Michael, David and Ljubica worked every day with the same dedication, professionalism and passion.”Dr. V. S.
“In contemplation and navigation of a purchasing endeavor, David and Michael work as a supportive team to both help me realize my goal and stay true to myself in the process. Their collaborative efforts are refreshing with value added extras along the way.”Dr. C. Z.
“I would highly recommend Michael to my colleagues to assist them to buy a dental practice. He was encouraging when I needed it and helped me to be firm where I needed to be firm on.”Dr. M.T.
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