Practice Management Final Review Flashcards
Different from a corporation by the fact that all partners retain decision making capacity
Limited Liability Partnership - LLP
Referring Practitioners, Mailing Campaigns, and Signage are examples of ?
External marketing
No more than 100 shareholders
S – corporations
Separate legal entity from owners
corporations:
Competence and knowing limitations of when to refer?
Non-maleficence
LLC (limited liability company has what type of liability)
limited liability
Do good, always best efforts
Beneficence
No legal distinction between the person and the business
Sole Proprietorship
state values and purposes that will guide the decision making at every level of the company
mission statement
Privacy, patient confidentiality describes what ADA principle of ethics?
Patient Autonomy
Multiple classes of stock
C – corporations
This has one or more partners who have limited liability and no rights of management.
Limited Partnership - LP
are the number one reason we exist
patients
Dentists ranked ____ out of all professions in honesty and ethics
5th
Limited liability does not protect you from
malpractice
Profits pass directly to owner with taxes paid on personal tax return
Sole Proprietorship
All partners have limited liability
Limited Liability Partnership - LLP
Do no harm describes what ADA principle of ethics?
Non-maleficence
Must be US citizen or resident, 100 share limit
S - corporations:
Typically used by lawyers, accountants and architects
Limited Liability Partnership - LLP
All U.S. citizens or residents
S – corporations
Fairness/Treat without prejudice
Justice
Only 1 type of stock
S – corporations
will clearly state why your company exists
mission statement
Profits are double taxed
C - corporations:
Which companies do not provide limited liability protection
sole proprietorships and general partnerships
Technically ________ do not require the filing of any paperwork with the federal or state government
sole proprietorships and general partnerships
Blend of aspects of a partnership (or sole proprietorship if there is a single owner) and a corporation
Limited Liability Company - LLC
Types of partnerships:
• General partnership (GP) • Limited partnership (LP) • Limited liability partnership (LLP)
Types of corporations:
C – corporation S – corporation
Limited liability protect you from your
partners malpractice (LP, LLP and LLC) or other shareholders malpractice (corporations)
Self Determination describes what ADA principle of ethics?
Patient Autonomy
All owners have personal liability for all debts, taxes and liabilities of the business. Shared risks and costs.
General Partnership - GP
The type of business structure you choose will depend on four main factors:
Liability • Taxation • Decision making capacity • Record-keeping
In a _________ all partners are part of the decision making process
general partnership
Shareholders elect a Board of Directors
corporations:
Brochures, Patient Referrals and Business cards are examples of
internal marketing
Financial liability for the companies debts is limited
fixed sum
Shareholders own the corporation through stock ownership
corporations:
Formed under state or federal law. Legally treated as an artificial person, distinct from the individuals that own it.
Corporations
LP, LLP, LLC and Incorporation all provide their partners and shareholders with
limited liability protection
limited corporate liability
S and C corporations
Present all treatment options
Veracity
Not double taxed o Corporate income is divided among the shareholders o Individual shareholders must declare their income on their personal taxes
S - corporations:
An association or two or more persons who contribute money, labor and skill to a business and who share in its profits, losses and management.
Partnerships
Truthfulness
Veracity
Taxation of a limited liability company is similar to what
sole proprietorship or general partnership
Unlimited shareholders
C – corporations
is a business owned and operated by one person for profit.
sole proprietorship
defines a vision for the whole company
mission statement
is a key marketing strategy that often gets ignored.
patient retention
