Helping Medical Professionals Start New Businesses
Setting out to form your own medical practice is an exciting decision. It is also one that should be not made without complete information. There are many different business forms to choose from, each of which has its own set of advantages and disadvantages. It takes an experienced lawyer to help you make the choice that fits best for you.
Kerr, Hendershot & Cannon, P.C., is recognized as one of the leading law firms serving health care professionals in Texas. We have helped hundreds of doctors, dentists, diagnostic labs and other health care professionals meet their business goals. We know that every medical practice is unique, and we are committed to helping establish one that will succeed for years to come.
To schedule a consultation to discuss your specific needs and goals, call 866-398-1856/888-654-7305 or contact our Houston law firm online. From our offices in Houston, Sugar Land, Galveston and Corpus Christi, we represent health care providers throughout Texas.
Understanding Your Options
Choosing the right health care entity is one of the critical first steps in establishing a medical practice. One important thing to know is that Texas prohibits the corporate practice of medicine. This applies to both medical doctors and dentists. Therefore, these professionals cannot form corporations to practice medicine in Texas. There are, however, a number of business forms to choose from, and our attorneys will help you make the decision that fits your needs.
The main differences in the following business forms revolve around two issues; taxation and liability.
- Professional association (PA): favorable tax treatment; easy transfer of ownership interests; shareholders not personally liable for business debts or for damages claimed in lawsuits against the entity
- GLimited liability partnerships (LLP): limited partners (who cannot be actively involved in management) have limited personal liability for business debts; favorable tax treatment
- Professional Limited liability company (PLLC): allows for limited personal liability for members, including those actively involved in management; favorable partnership-style tax treatment
These forms all have very complex features that further differentiate them. When you visit our office, we will sit down with you, listen to your business objectives and explain in detail how each form would add to or detract from your ultimate vision.
Contact Our Houston Health Law Attorneys
Before you take the first exciting step in setting up your new practice, make sure you understand your rights and obligations. To discuss your legal needs with our experienced lawyers, call 866-398-1856/888-654-7305 or contact our Houston law firm online.
