There is no single best way to structure a private medical practice from a business perspective. The most appropriate structure for your practice depends on your specific needs, and goals.
There are three common business structures for medical practices:
1) Partnership
A partnership structure allows income (and losses) to be shared between two or more partners in the practice. Individual partners pay tax on their income at their respective marginal rates.
2) Company
A company structure sets your practice up as a separate legal entity. The company pays tax at the company tax rate.
If you are about to start a medical practice, or maybe you currently have one and you would like to explore restructuring options, our professional team of Accountants are on hand to discuss your options. Providing accounting and business advice for medical practices and medical professionals is one of our specialist services.
We can also help you with any other business planning, financial planning, tax or accounting services that you or your practice may need. We are a full-service accounting firm supporting individuals and businesses to achieve their financial goals.
Contact us today to find out more. We would be happy to set up an appointment to answer any questions you may have.
Written by the M.A. Whately team
Chartered Certified Accountants and Registered Auditors, Jervis Street, Ardee, Co. Louth
This article gives general information on Irish rules as they stood when it was published. It is not advice for your specific situation, and rules and rates change. Talk to us before you act on it.
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