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When starting a business it could be puzzling for an aspiring businessman whether he/she will do it on his/her own or with other people called partners. If the business that is solely owned prospers, the sole owner will definitely enjoy the income by himself. On the contrary, if the business does not generate income, he/she will be solely liable also. Partnership, on the other hand, where liability is shared when everything went wrong, income in a partnership will also be shared equally between or among partners in the event the business withered.
Here are some of the advantages and disadvantages of owning a dental practice on your own or through partnership:
Running a dental practice on your own
-- No annoying boss. The sole owner can freely do whatever he or she wants to do for the business without an annoying boss dictating him or her.
-- You own your own time. The sole dentist can come and go from the dental office anytime he wants.
-- The profit will solely go to the sole owner. Profit will not be shared with anyone so the sole owner can enjoy everything by himself.
-- As the sole owner, you have the last say as to what dental facilities, devices, tools, and instruments like the dental loupes will be used in your dental office.
-- The amount of capital needed to start the business will be high. All risks to the money used to set up a business will be shouldered by the sole owner.
-- The owner is solely responsible for all debts incurred by the business.
-- An employee’s mistake is also a sole liability. In the case that the business encounters an unexpected circumstance committed by the employee, the business owner will suffer or face the consequences alone depending on the legal jurisdiction of each state or province.
-- Referrals can be limited. It is expected that if the business is new and is owned by a single person, the number of employees will also be limited. In fact, most of the time, the owner is also the dentist in the practice. If the owner is also the sole dentist in the practice referrals from clients can be slow or limited.
Running a dental practice with a partner or partners
-- Liability is limited
-- The collaboration of partners’ ideas can be very useful in running a business. The chances of getting a better result are quite high. Two heads are better than one, anyway.
-- If partners are also working dentists, then the possibility of getting more referrals from clients will also be high.
-- Income is shared
-- If one partner decides to quit the partnership it could be a huge disaster for the business unless a smooth transition is handled properly.
It's wise to understand that just like any other business, the dental practice is also susceptible to different kinds of risks which are inevitable for all businesses may it solely owned or through partnership.