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My wife is a physician and we are buying medical office. Im

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My wife is a physician...
My wife is a physician and we are buying medical office. I'm not a medical person. We are in Illinois. By the state law a medical business owner must be a physician. So, I can't be a partner or coowner. 1. Is it true? 2.Is there other way for me to get protected on my investment of time and money?
Submitted: 5 years ago.Category: Business Law
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3/4/2012
Business Lawyer: Ellen, Attorney replied 5 years ago
Ellen
Ellen, Attorney
Category: Business Law
Satisfied Customers: 36,715
Experience: 25 years of experience helping people like you.
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Welcome to JustAnswer,

I am the expert that will be assisting you today. Thank you for your question.

If my answer is not clear to you or does not fully answer your question, please ask me for clarification by using the reply button.

It is correct that you cannot as a non-physician be a partner in her medical practice.

However you can be a co-owner or partner in the ownership of the real estate.

You can consider owning the property jointly with your wife or opening a corporation for the ownership of the property



I think this is what you wanted to know. Please use the REPLY button if you have any questions concerning my answer. Otherwise please click ACCEPT so that I am paid by the site for answering.

Positive feedback would be appreciated
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Customer reply replied 5 years ago
Relist: Inaccurate answer.
Business Lawyer: Irwin Law, Attorney replied 5 years ago
Irwin Law
Irwin Law, Attorney
Category: Business Law
Satisfied Customers: 7,479
Experience: 30+ yrs. representing small business, real estate, probate
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You asked "is it true" and Weblaw points out, quite correctly that while you cannot own a part of your wife's practice, you may own an interest in the physical office (the real estate) where she practices. FYI, you can also own and lease her equipment if you wish. The owners of medical office buildings, clinics, hospitals etc... do not have to be licensed physicians.

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Customer reply replied 5 years ago

I'm not asking about anything else except the BUSINESS that I buy with my wife. Don't mess me up with real estate and equipment. We buy the business with patients, it's it.

"Is there other way for me to get protected on my investment of time and money?"

 

Business Lawyer: Irwin Law, Attorney replied 5 years ago
I am not familiar with the details of if or how a professional medical practice might be transferred to and owned by a non-professionally licensed Corp. or LLC in IL, so I will open the question to others. Hopefully, someone will have a more precise answer for you.
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Business Lawyer: Michael, Attorney replied 5 years ago
Michael
Michael, Attorney
Category: Business Law
Satisfied Customers: 58
Experience: Experienced Business Lawyer
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Hi there, my name is XXXXX XXXXX I'm a business law attorney with experience in all aspects of business law. I'll do my best to assist you.

You cannot hold equity in the business in any way. That means you cannot be a shareholder, partner, member, etc.

The reasoning is that physicians are all bound by a very strict ethical obligation and standards. Any non-physician would not be bound by those standards, and may influence the professional decision making of the physicians in a manner inconsistent with the best interests of the patients. Therefore, non-physicians are not allowed to have an ownership interests in a medical practice.

However, you can provide financing to the practice, just as a bank might. It would essentially be a loan that would eventually have to be repaid. You would not be able to secure the financing with an interest in the business itself though, only business assets or personal assets of the partners.

I hope this answer has been helpful. I'd be happy to further clarify my response and follow up with any other questions. If you're satisfied with my answer, remember to hit the "accept" button. Bonuses and positive feedback are always appreciated! -Michael
Michael
Michael, Attorney
Category: Business Law
Satisfied Customers: 58
Experience: Experienced Business Lawyer
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Michael and 87 other Business Law Specialists are ready to help you
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