Owning Shares in a Medical Corporation – San Diego and Beyond
Unlike other types of professional corporations, not all shareholders in a medical corporation are required to be licensed physicians. In a medical corporation, at least 51% of the shares must be owned by licensed physicians and/or surgeons. The remaining 49% may be owned by any combination of licensed podiatrists, psychologists, registered nurses, optometrists, marriage and family therapists, clinical social workers, …
Read MoreThe Truth about Using Social Media in Dental and Medical Practices
Social media as a direct-to-customer marketing and customer service tool is the universal rule rather than the exception, even among doctors and dentists. In a study published in 2011, it was found that almost all U.S. doctors were using social media. No official studies on dentists have been published but marketing surveys put the number at just over half and …
Read MoreDental/Medical Practice Valuation and Your Office Lease
The location of your medical or dental practice is a key part of the practice’s value because it is an important factor in influencing patient choice and persistence. After positive word-of-mouth referrals and being covered by patient insurance, the convenience of the practice’s office location is the next important factor in a patient selection. This makes remaining stable in a …
Read MoreBuying a Business – Asset Purchase vs. Stock Purchase in San Diego
When purchasing a business, it’s important to determine whether to purchase the assets of the business, or stock of the business. An asset purchase involves the purchase of the selling company’s assets, such as equipment, inventory, contracts, website domain, customer list, etc. A stock purchase involves the purchase of the selling company’s stock only. Advantages of Asset Purchase One of …
Read MoreFunds must be paid or transferred in order to qualify as “Student Loan” for bankruptcy purposes
Often students will apply for several student loans at one time, but then only accept one or two of the loans for which they qualify. And occasionally, a student will even sign a contract/promissory note for a student loan, but never actually receive the proceeds of the loan. Signing a contract or promissory note for a loan makes the student …
Read MoreThe 7 requirements for a loan to be a “qualified education loan” to be non-dischargeable in bankruptcy:
In order for a “student loan” to be non-dischargeable in bankruptcy, it must meet the following 7 requirements to be a “qualified education loan”: 1) The loan must have been incurred by an individual borrower. Loans incurred on behalf of a business or other organization do not meet this requirement. 2) The loan must have been issued solely for the …
Read MoreSome Student Loans ARE Dischargeable in Bankruptcy
While most student loans cannot be discharged in bankruptcy without meeting a very high standard of “undue hardship”, there are some exceptions that may make a student loan dischargeable in bankruptcy. In order for a student loan to be non-dischargeable, it must be a “qualified education loan”. The Bankruptcy Code defines the term “qualified education loan” in 11 USC 523(a)(8)(B). …
Read MoreThe “Undue Hardship” Test for a Student Loan to be Dischargeable in Bankruptcy
The Bankruptcy Code allows student loan to be discharged if preventing the discharge would impose an “undue hardship” on the borrower or the borrower’s dependents. Although this is often an extremely difficult standard to meet, it is important to understand what the court will consider in your case. In California, courts apply what is called the “Brunner Test” to determine …
Read MoreDebt Relief Options: Short Sales in San Diego
When faced with the prospect of foreclosure, another debt relief option is short sale. One of those options is called short sale. A short sale is when a property sells for less than the balance owing on the mortgage. A short sale transaction is typically more advantageous than foreclosure for both the homeowner and lender, as the property will most …
Read MoreDebt Relief Options: Foreclosure in San Diego
Foreclosure occurs when the lender forces the sale of a home that was used as collateral to secure a mortgage loan that the debtor can no longer re-pay. Home foreclosure a very stressful financial situation and unfortunately an all to familiar debt relief option. Fortunately, under California law there is anti-deficiency protection for loans that forecloses in many cases. This …
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