In this episode of the Medics Money podcast, Dr. Cyra Mackintosh, a doctor and chartered accountant, discusses with Andy Pow, a medical specialist accountant, the differences between GP partnerships, limited companies, and LLPs. They delve into the pros and cons of each structure, including liability concerns, tax implications, and how they affect the financial operations of GP practices. The episode aims to provide up-and-coming GPs with fundamental knowledge to navigate the business aspects of GP practice effectively.
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00:00 Welcome to the Medics Money Podcast
00:50 Introduction to Andy Pow
01:57 Understanding GP Practice Structures
03:39 Pros and Cons of GP Partnerships
05:14 Limited Companies in the GP Space
07:03 Risks and Considerations for Limited Companies
11:07 Tax Implications of Limited Companies
22:57 Exploring Limited Liability Partnerships (LLPs)
27:16 Final Thoughts and Advice
