Dentists who are considering a partnership have many decisions to make including how to form an agreement. While it is possible to have an oral agreement as a legally binding arrangement, this is usually not recommended. Even where there is complete trust and tremendous rapport between partners, the best and safest way to agree is by writing everything down.
If you are a California dentist and would like help with a partnership agreement, then you can rely on the trusted and experienced guidance of the Los Angeles dental partnership agreement attorneys at Leiva Law Firm.
Oral Vs. Written Dental Partnership Agreements
It can be easy to have faith in another party that you have a good relationship with. As a result, when discussing a partnership, it might make sense to take the words that are spoken as a viable agreement. After all, pushing for a written agreement could sew distrust in what is believed to be a solid association. Not to mention, there is a cost savings to eliminating the formality and legal red tape that goes along with a written agreement.
The reality is, that entering into a partnership is something that shouldn’t be taken lightly. This is a business decision and anything can happen that can put a strain on a partnership and the fate of a practice in jeopardy. Several aspects of running a practice and working together should be addressed and doing so in written form provides a tangible means to touch on everything. It may feel awkward at first to press for a written contract but having one in place can be a solid foundation for a successful partnership in the long term. This is especially true should a dispute arise down the road – which inevitably, there will be some disagreements.
A contract that addresses issues such as dispute resolution methods or practices and procedures can be an invaluable reference that can guide a partnership amid a disagreement. Likewise, if initially, the expense of establishing a partnership agreement seems unnecessary, and a place to cut costs, this is often wishful thinking. Should an unexpected event happen at any point during the partnership, more expensive legal battles can ensue. Having a partnership agreement in place can help you avoid those excessive costs and legal challenges that can divert valuable resources and time from running the practice.
A well-crafted agreement can be a solid safeguard for a partnership and a business. It can outline procedures, and all parties’ responsibilities and rights, and it can allow for greater clarity for the professional working relationship. Further, an agreement can simplify the terms of a partnership while also providing flexibility and mutual protection for the interests of all parties.
Speak to an Attorney at Leiva Law Firm Today
Without a written partnership agreement in place, dental professionals risk harming their professional relationship and the functioning and smooth operations of their practice.
California dentists aiming to form a partnership can call Leiva Law Firm at (818) 519-4465 to schedule a free consultation with a Los Angeles partnership agreement lawyer.
