Medics Money podcast Ep 241: Partnership or Limited Company?!
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Nov 12, 2024 Join Andy Pow, a seasoned medical specialist accountant with extensive experience advising GP practices, as he teams up with Dr. Cyra Mackintosh to dissect the models of GP practices. They reveal the advantages and challenges of partnerships versus limited companies, touching on liability, tax implications, and financial operations. Listeners will find valuable insights on transitioning between structures and the importance of making informed decisions. Perfect for new GPs looking to navigate the business landscape effectively!
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GP Practice Structures
- Most GP practices operate under a sole trader or partnership structure.
- Limited companies and GP federations are increasingly common.
Partnership Advantages
- Partnership structures offer flexibility for changing work schedules and profit sharing among GPs.
- This adaptability suits the evolving nature of general practice.
Limited Company Considerations
- Consider the innovation process and CQC implications when shifting a GP contract to a limited company.
- Address staff transfer, pension status, and premise considerations.