Dental Tribune United Kindom Edition

July 18-24, 201122 Practice Management United Kingdom Edition For more information or to subscribe please call Joe Aspis on 020 7400 8969 or email joe@dentaltribuneuk.com What’s missing? implants Fill the gaps... implants, the international magazine of oral implantology, delivers the latest thinking in this fast-moving area of the dental profession. User-oriented case studies, scientific reports, meetings, news and reports, as well as summarised product information, make up an informative read You got the look... cosmetic dentistryYou got the look... cosmetic dentistry - beauty & science presents the most significant international developments in the world of cosmetic and restorative dentistry. With an editorial mix of speciality articles, clinical studies, case reports, industry reports, reviews, news, and lifestyle articles, cosmetic dentistry leads the way Enjoy Endodontics? rootsDown your canal... roots is the place to keep up with the latest developments in the endodontic arena. A combination of comment, studies, case reports, industry news, reviews, and news, those professionals with an interest in endodontics will find roots invaluable £30 each for a yearly subscription or as a special offer take all three titles for just £50 per year S ince 2006 dentists have been able to enjoy the ben- efits of becoming a limited company. In short, this means that the dentist will no longer have to be personally liable for debts incurred by their prac- tice and can protect their assets from business risks. It also al- lows greater flexibility in raising funds for the practice through outside investment such as share schemes to act as a financial in- centive for key members of staff and provides opportunity for non-dentists to invest in dental practices. The process of incorpora- tion involves two stages. The first is to formally register the new company at Companies House. Often this can be short circuited by purchasing a com- pany “off the shelf.” This will normally dealt with by your solicitor or accountant and can be done very quickly. The second stage is the transfer of the existing busi- ness to the new company via an incorporation agreement. This transfers the contracts, proper- ty, goodwill and business from the dentist to the new com- pany or LLP. Employees are automatically transferred with the business. The document should be tailored to reflect the nature of the practice and the consequences of the transfer. It is important that you have a properly drafted agreement transferring the assets and that you consult a specialist dental solicitor with experience of such matters as the drafting of the agreement and the proper vesting of the assets in the new company can have major tax consequences. Restrictions Consideration will also have to be given to tasks such as the naming of the new entity as restrictions exist on the use of words such as ‘dental’, ‘dental practice’, ‘dental surgeon’ or ‘dentists’. If you want to use a protected word in the name of your company, first you will need to obtain permission from the General Dental Coun- cil. Dentists will also need to take out professional indem- nity insurance for the Limited company which may be vi- cariously liable for the acts of the dentists working for it or under its name and consider any stamp duty that may be in- curred by transferring leases or property. Agreements A shareholders’ agreement will clarify the obligations of all members of a company in a similar way to a partnership or expense sharing agreement where there are two or more shareholders at the practice. A solicitor will be able to draft a shareholders’ agreement, as well as advise in other areas The legalities of incorporation Ray Goodman discusses things to consider before deciding whether or not to incor- porate your dental practice ‘If you want to use a protected word in the name of your company, first you will need to obtain permission from the General Dental Council’