5 valid points why you should hire the services of a dental attorney for a dental practice transaction?
Hiring a dental attorney for dental practice transaction can be a tough decision especially when you are in no mood to increase your expenditures but, the following five points can change your mind. Yes, today we will talk about why and how a lawyer plays an important role in handling the dental practice transactions.
This is one obvious benefit of having a dental attorney by your side. He can help you do the legal work easily. Buying or selling a dental practice is not easy and the transaction process is also complex. The legal work includes LOI, lease negotiations, associate agreements, agreements of purchase and sale, closing documents etc. All this cannot be handled by a person who does not possess enough legal knowledge. But all this becomes an easier task when you have the support of a dental attorney. He can help you buy or sell practices in a legal and right way and can also help negotiate the deal as per your requirements.
Help with Taxes
Any dentist who buys or sells a practice would want to save money on the taxes, that too in a legal way. With a dentistry professional corporation, you can defer taxes, manage how the income is divided among family members, and save money when you sell shares – all by keeping the money in the corporation. And how can you do that? Well, a dental attorney can help you with that in a better way so that you do not land in any tax issue later in future.
Dealing with Associates and Staff
While buying or selling a practice, you as a buyer or seller would need to deal with staff and associates. You might not want their services anymore but firing them in a not so pleasant and wrong way can lead to legal trouble as well. You can be sued too. This situation can be handled well if you have hired a dental attorney. Associates and staff members that are there for comparatively longer period of time need to be handled in a professional way and an attorney can deal with them better.
If you are starting up a new practice or are continuing the existing one, you also need to negotiate with the landlord regarding things like rent, lease agreements, renewal terms, use, exclusivity etc. Not only this, there are plenty of things that would need consideration like what clauses are included in the lease agreement? How much you would be paying and for what? How long the lease would last? What would be the renewal procedure? Etc. All this can only be handled with the help of an experienced dental attorney.
Protecting your Rights
When signing an agreement there would be so many things to take note of. Are you aware of that? Are you aware of your rights as a buyer or seller? Dental transactions require the help of a lawyer because many factors are involved and they need to be checked precisely. Factors like whether the buyer has asked the right amount? How much you are paying and is it worthy of what you are getting in return? A lawyer knows how to manage all these details in your favor.