Okuji and Associates

                                       "Networking for the Business of Dentistry"   

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For you reference, we have compiled a list of common questions posed to us by clients below:

 

Question: Upon a dentist's death, can the surviving family own and operate the deceased dentist's practice prior to a transitional sale?

Answer: Some states stipulate that dental practices can only be owned and operated by licensed sole-proprietor dentist, licensed dentists who form a partnership, or a dental corporation with more than one dentists as shareholders. Therefore, depending on state law, the surviving family of a sole-practicing dentist may not be able to sell the practice readily. It is recommended that an attorney be consulted regarding this issue.

Question: Does a practice broker need to have a license to sell a practice?

Answer: Most states; including California, Hawaii, Nevada, and Washington; require that a practice broker be a licensed real estate broker.


Question: Which states issue dental licenses by credential?

Answer: Dental boards in 45 states plus the District of Columbia grant licenses to dentists, currently licensed and in active, continuous practice for a specified period of time (generally 5 years) in another jurisdiction, without further theoretical and clinical examination. These states include: Alabama, Alaska, Arkansas, Arizona, California, Colorado, Connecticut, Washington D.C., Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oregon, Oklahoma, Pennsylvania, Puerto Rico, Rhode Island, South Dakota, Tennessee, Texas, Utah, Vermont, Washington, West Virginia, Wisconsin, and Wyoming.

Five state do not currently grant licensure by credential, although the dental boards in South Carolina and the U.S. Virgin Islands have discretionary authority by statute to do so. The other four states that do not grant licensure by credentials are Delaware, Florida, Hawaii, and Virginia.


Question: As an associate dentist, what is the difference between an employee and an independent contractor?

Answer: The key factor which determines whether a worker is an employee or an independent contractor is "who has the right to control the worker as to how work is accomplished?" Twenty common law factors of a perfect independent contractor relationship are as follows:

• No instructions by contractee
• No training by contractee
• Others can be hired by the contractor
• Independent contractor's work is not essential to a contractee's success or continuation
• No time clock to be used by the contractor
• No permanent relationship between contractor and contractee
• Independent contractors control their own workers
• Other jobs are pursued by the contractor
• Location of where work is performed is controlled by the contractor
• Order of Work is determined by the contractor
• No interim reports are required of the contractor
• No hourly pay is paid to the contractor since the contractor is paid by the job
• Multiple firms utilize the contractors services
• Business expenses are the responsibility of the contractor
• Own tools are provided by the contractor
• Significant investment is made by the contractor to perform services
• Services available to the public by the contractor
• Profit or Loss possibilities are available to the contractor
• Can't be fired by the contractee as long as the contractor produces results which meet the contract specifications
• No compensation if the job is not done by the contractor

An employee is paid by the employer and the employer will withhold federal and state employment taxes such as FICA, Medicare, income, and State Unemployment Insurance. The employee is given a W-2 form to report to the I.R.S. For an employee, the employer controls what will be done and how it will be done.

An independent contractor is paid by the paying contractee and there are no withholdings. The independent contractor is responsible for paying all payroll and income taxes. The independent contractor is given a 1099 form by the contractee to report to the I.R.S. For an independent contractor, the contractee has the right to control or direct only the result of the work done, and not the means and methods of accomplishing the result

Always consult an accountant and an attorney for advice on this matter.



Question: I am selling my practice. How important are the terms of my existing lease in order for me to sell my practice?

Answer: Your lease terms are very important in order to assist with a smooth transition. The lease rate, duration, terms (gross vs net), and assignment are critical aspects for you to transition your practice to the purchasing dentist. Again, consult an accountant and an attorney for advice on this matter.

Contact us to assist you with your questions regarding your professional career.

Contact Information

We look forward to hearing from you

Telephone

(831) 234-8995

FAX

(831) 687-0102

 

Electronic mail

General Information: admin@okuji.net

[Home]           [Our Company]        [About Us]            [Practices for Sale]            [Information for Sellers]

[Information for Buyers]   [Practice&Career Consulting Services]  [Dentist for Hire]   [Dentist Wanted]          

[Locum Tenens Dentist Wanted]    [Locum Tenens Dentist for Hire]   [Commercial Real Estate Brokerage Service]

         [Equipment Listing Service]        [Continuing Education&Travel Programs]        [FAQs]            [Contact Us]

     Licensed Real Estate Broker in California, Hawaii, Nevada, and Washington States
 Licensed Dentist in Arizona, California, Hawaii, Massachusetts, Nevada, Oregon, and Washington States

Registered Provider for Continuing Education - California Board of Dental Examiners

Memberships:

American Dental Association

Copyright © 2009 Okuji and Associates

Last modified: 12/05/08