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Richard, Attorney
Category: Business Law
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Experience:  32 years of experience practicing law and a businessman.
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If a group of physicians form a medical partnership and they continue to expand

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If a group of physicians form a medical partnership and they continue to expand the by adding more practices to the group, are they required to provide a partnership agreement to the physicians that have mergered with them. Also, does the K1 help to determine a partners percentage of ownership. I am going thru a divorce and my spouse is stating that there are no such documents when he mergered his practice with the group. I am tring to figure out how the value of the practice and what type of agreement may have been used.How can I obtain the information.
Submitted: 6 years ago.
Category: Business Law
Expert:  Richard replied 6 years ago.

Good afternoon. It would be extremely unusual for there not to be a partnership agreement to spell out the agreements of all the partners. If there isn't one...which I am suspicious of...then the PA partnership act is going to control things. Yes, the K-1 would indicate ownership interest. You can, in the course of your divorce, have the court compel the production of documents. And, to ascertain the value of the practice, you can have an appraiser versed in valuing ongoing service businesses to appraise the business. As a partner, your husband has a legal right to all the financial records of the partnership...this will enable the appraiser to make a valid assessment of the fair market value of the business.



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