Question

Dr. Jones and Dr. Myers decided to share a practice. Together, they share patients, expenses, profits and assets. Which type of medical practice is this?

1) Solo practice
2) Group practice
3) Partnership
4) Hospital-owned practice

Answer 1

Dr. Jones and Dr. Myers are engaged in a partnership, where they share responsibility for managing their medical practice and share the profits, expenses, and assets.

Step-by-step explanation:

Dr. Jones and Dr. Myers have decided to share a practice, which involves sharing patients, expenses, profits, and assets. This type of medical practice is known as a partnership. In a general partnership, all the partners share the responsibility for all aspects of the business. Such a business model allows multiple owners to share both the duties of running the business and the benefits of its success. A variety of businesses, including medical practices, often operate as partnerships because of the shared responsibility and the minimized financial risk for each individual partner.