With the growing scrutiny of business operations and corporate liability, radiology and imaging practices must diligently work to maintain certain corporate formalities, thereby minimizing the risks and exposure to the business and its owners. Although often overlooked, medical practices of all sizes should recognize the value of operating the business entity as a limited liability entity or corporation. By utilizing a corporate structure such as a corporation, limited liability company (LLC), limited liability partnership (LLP) or limited partnership (LP), officers, directors and partners gain invaluable protection against personal liability for acts of the practice, including shielding personal assets from judgments or debt collectors.
Office managers and health care providers must properly maintain corporate records and accounts to enjoy the limited liability afforded by these structures. By doing so, the business creates a legal fiction whereby the entity exists by operation of law as a distinct entity separate from its owners and operators.
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