Three Types of Medical Practice: Group, Partnership, and Sole ProprietorshipGroup PracticeThe majority of medical practices are group practices for various reasons. In a group practice, doctors share patient tasks and physical office space. This is the second most popular form of practice. It involves three or more doctors providing medical care, jointly using the same facilities, staff and dividing income as agreed. There is generally greater financial security than with solo practices. Salary includes salary and bonuses. Additionally, a group practice's hours are more flexible because other doctors are available to cover for each other. However, a group practice has some negative aspects, such as losing independence, renovating, hiring and firing staff, moving, and expanding facilities for the sake of consensus. In most cases, there are both positive and negative aspects of being a member of a group practice. If you are considering doing this, you should be careful and evaluate the nature of the practice to determine whether you would be compatible with the group members. However, the advantages of being a member of a successful group practice can easily outweigh its disadvantages. One of the great benefits of a group medical practice is the ability of group members to share the burden of being "on call" to care for patients outside of office hours, such as nights and days important holidays. However, careful investigation should be made at the outset of a physician's affiliation with a group, to determine that group's particular practices regarding call coverage and the extent to which responsibility for call coverage will be the responsibility of the doctor in question. ...... middle of paper ......(SSI) from a previous owner cannot be used by a new business owner. The owner reports business gains or losses on his or her personal income tax return. A sole proprietorship is taxed on all business assets at the appropriate individual tax rates. Corporation income and acceptable expenses appear on the person's tax return. All corporate income is taxed to the owner in the year the business acquires it, whether or not the owner withdraws the money from the business. No disconnected federal income tax return is acquired from the sole proprietor. ehow.com/info_8136243_five-types-medical-practice.html#ixzz1gXB1Hhm3http://careers.stateuniversity.com/pages/100000668/Medical-Practice