Changes in Partnership

Partnerships in the healthcare sector are dynamic and change with some regularity. There is usually a regular succession of partners retiring either on age grounds or death, or simply moving on to other work. New partners will often be needed to replace outgoing partners and the period of transition can be a stressful experience for you.

How we can help you

We offer a full range of services designed to ease the stress brought on by changes in partnership. In particular we can help with:

• Preparation of new Partnership Deeds
• Advice on changes in profit-sharing ratios and remuneration during periods of probation
• Exploring the merits or otherwise of salaried partners
• Consultation with incoming partners concerning their record-keeping, expenses allowable for tax and the administration of their personal tax affairs
• Advice on tax provisioning
• Paying off the entitlements of outgoing partners and capital gains tax implications of the sale of property
• Organising the capital structure and capital requirements of incoming partners together with the sourcing of finance
• Choosing the right dates for retirement and appointment
• Forward planning to ensure that changes are made as smoothly as possible

To find out more about Kingston Smith's bespoke services to the sector please click here.