June is graduation season for new doctors in Arizona. While graduating from medical or dental school is an enormous achievement, it may also be a time of uncertainty as you transition from the academic setting into your new career in the professional world. The following are some legal and practical tips that might help you as you embark on your career.
Often, the biggest sources of tension in forming and operating a practice revolve around money. Even when you go into business with good friends, resentment can build when one of your partners is perceived to not be pulling his weight, or taking too much out of the practice. Left unchecked, these resentments can become toxic and can destroy a practice. The best remedy for this is to have a frank discussion before the practice is formed, to determine what each partner intends to bring to the table, how expenses can be controlled, and how disputes can be resolved before they become distractions or worse.
Arizona law allows for considerable flexibility in how partners, shareholders and members create their practice entities. The following are some options to consider when preparing the shareholder agreement to divide the revenue and expenses.