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When buying or starting a new dental practice, a dentist must make an election as to what form of entity will own the dental practice.  This decision can have serious legal and tax ramifications, and should be made before the practice is open for business.  The intent of this article is to highlight the pros and cons of operating the dental practice in either a sole proprietorship or corporate form.  

Learn from peer experience how leadership can overcome potential challenges. Most dental practices ultimately succeed – but inevitably, some new practice owners run into transition difficulties that require vision and assertiveness to overcome. Whatever challenges you may face when transitioning to ownership, your practice can survive and thrive when you apply the lessons of leadership. Take a look at how other practice owners have used their leadership skills to overcome a difficult situation.

Intuitively we all know that every dentist and every practice will change hands, or experience at least one transition in its lifetime. Yet it is amazing how few are actually prepared.

It’s not enough to simply choose the correct location or space, equipment and financing. Starting a new practice requires tenacity and business savvy – two things they may not have taught you in dental school. If you’d rather be successful than struggling, these six tips are the ticket.

Owning a dental practice is virtually every new practitioner's dream. But before you take the first step, it's important to consider which option best suits you: starting your own business or acquiring an existing practice.

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Disclaimer

Articles and information available in the Strategies for Success Library are for general information only and do not constitute, nor are they intended as, a substitute for legal, tax, financial or other professional advice. Readers should consult their own attorneys, accountants, financial and/or other professional advisors for advice applicable to their particular situation. The opinions and views expressed in the articles are the opinions and views of the author(s). Matsco provides all articles and all information therein "AS IS". Matsco makes no warranties, express or implied, regarding any of the articles or the accuracy or completeness of the information contained therein. Readers should be aware that articles or information contained therein may be incomplete, may contain errors or may have become out of date. Matsco disclaims any duty to update any articles contained in the Strategies for Success Library.