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Do I need a pre-nup with my practice partner?

July 9, 2015
 
Question:

Jennifer,

I learned a real life lesson recently through my divorce and was thinking, can I get a pre-nup type document in place with my practice partner?

Thanks, Dr. I

Answer:
 
Absolutely. You should always have how to get out of your practice in place as or before you start up. Most people and practices do not address when starting up because its an afterthought.Then when you wish you did put it in place, its often too late. If you're getting to me in time, we can put in place an operating document that addresses how a partner can resign, be bought out (paid out), be kicked out (loss of licensure, etc), and the restrictions and payments that apply when any of the above happens.  In addition, this document (operating agreement, shareholder agreement or partnership agreement - name changes depending on your structure) should also contain operating procedures and protocol. For instance, do you both have to sign checks over a certain amount and do you need unanimous consent to hire a new person or add a new partner.  Depending on the practice structure, the answers to the few questions posed and the many more i have to ask will vary. Each practice is structured differently because people operate their practices differently. 

Your "pre nup" or operating document should match up with your actual protocol in place so that when a time comes you have to actually read it, you are comfortable having the scenario presented governed by that document.  

For a more individualized response, call me and we'll discuss your circumstances.  
 
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