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Medics Money podcast
Ep 241: Partnership or Limited Company?!
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!
29:17
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Quick takeaways
- Choosing between GP partnerships and limited companies involves weighing liability risks against potential tax benefits and operational complexities.
- Limited Liability Partnerships (LLPs) offer a flexible structure, but current legislative limitations hinder their use in GP contracts in England and Wales.
Deep dives
Understanding GP Practice Structures
GP practice structures primarily consist of sole traders, partnerships, and increasing numbers of limited companies. Sole traders have become less common, with partnerships being the traditional model, defined under the 1890 Partnership Act, which entails unlimited liability. This means partners are personally responsible for the business's debts and liabilities, making risk management crucial. However, partnerships offer flexibility in profit-sharing among partners, accommodating changes in work schedules and job roles.
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