When you’re a dentist you can do well by doing good. You’re able to earn a good living through improving the lives of your patients. But as a dental practice owner, being a good dentist isn’t enough. You need to take steps to protect yourself and your practice from unnecessary liability and to structure your practice to avoid any unnecessary taxes. You need to make good choices now to ensure that later your practice can be effectively sold or transitioned.
Frank & Kraft has extensive experience with dental practice law. Within this unique legal specialty, we provide comprehensive advice to dentists at all stages of their dental careers. We serve as a resource whether you are starting up your practice, growing or expanding, selling the practice, or putting in place a succession plan.
- What is dental practice law?
- Why should I get help from an attorney?
What is Dental Practice Law?
Dental practice law is a body of law aimed at providing legal representation to address the issues that dentists face. Many dentists are also practice owners, and so must serve as both healthcare providers and business experts. Understanding the ins-and-outs of running a business can be complicated. A legal partner helps you choose the right business entity, make tax efficient practice and compensation decisions, provide consul on employment matters, protect your assets, address business succession issues; and cope with the many other legal issues that arise running a business.
Frank & Kraft offers comprehensive business and legal assistance for dental practice owners. Our Indianapolis dental practice law services include:
- Negotiating employment and independent contractor agreements for receptionists, dental hygienists, and other staff you need to keep your office running smoothly.
- Creating business entities, including incorporating to provide protection for personal assets.
- Representation during practice purchases and practice buy-ins including contract negotiation and drafting.
- Employment law matters including hiring, firing, employee handbooks, anti-discrimination matters and employment agreements.
- Negotiating and drafting non-competes and non-disclosure agreements.
- Assistance with negotiating and drafting shareholder agreements for partnerships, co-ownerships, and practice buy-ins.
- Assistance with all business succession matters including drafting purchase agreements and practice valuations. We also provide help with estate planning matters related to reducing or avoiding estate taxes when the value of a dental practice exceeds excludable amounts for estate tax purposes.
- Drafting buy/sell agreements, partnership agreements, and other documents necessary to protect your interests.
- Addressing tax issues, including payroll taxes and corporate or business taxes.
We take a holistic approach to providing advice to dental professionals, with the goal of helping your practice to grow while keeping legal fees, taxes, and other costs to a minimum.
Why Should I Get Help from an Attorney?
Getting help from an attorney is essential whether you are starting a dental practice, buying into a practice, operating your practice, or selling or transitioning a practice. There are many legal issues that most dentists don’t even recognize as potential dangers to their practices. To give one example, without proper estate planning for death or incapacity, you put at risk your practice’s most valuable asset, the goodwill you’ve accumulated with your patient base.
To run your dental practice efficiently means you need to have good guidance on a large number of business and tax law topics, none of which were part of the training provided to you in dental school. A mistake in how your company is structured or improper tax planning could cost you hundreds of thousands of dollars when it comes time to sell your practice, and not taking the proper steps to insulate yourself from unnecessary business liability when starting your practice could be a recipe for problems down the line.
You want to build a strong practice that provides the best possible care to your patients, that allows you to grow and protect your retirement nest egg, and that allows your practice to become a lasting legacy to your community. An attorney can help with all of that and much more.
Frank & Kraft has unique experience providing assistance to dental professionals, and those who need attorneys with a strong background in this specialized practice area should reach out to us for help. Give us a call at (317) 684-1100 or contact us online to learn more.
