Caroline Simpson, Rebecca Gerson and Nirav Patel met in medical school at Thomas Jefferson University in Philadelphia. They dreamed of going into private practice together at some point in the future. They graduated and then completed their training in internal medicine. They decided that they still wanted to work together, so they met to discuss the possibility of opening their own practice. Caroline, Rebecca and Nirav are sufficiently sophisticated to know that they would need some type of legal structure for their business, but they cannot decide between a partnership or a corporation. What are the positive and negative attributes of each of these options? What type of organization do you recommend they form? Why?
After a few years of practice, Rebecca and the business entity are sued for medical malpractice based upon allegations that Rebecca failed to timely diagnose lung cancer in a 60 year old man and that this resulted in his death after a long period of treatment. The case went to trial and there was a $10 million verdict against both Rebecca and the business entity that was reduced to judgment. Unfortunately, there was only $4 million in insurance coverage, and the attorney for the estate commences execution proceedings against the business entity and the three individuals to recover the remaining $6 million. (1) If the business entity is a partnership, who among the partnership and the three doctors has potential liability to the estate? Why? (2) If the entity is a corporation in which Caroline, Rebecca and Nirav are equal shareholders, who among the corporation and the three doctors has potential liability to the estate? Why?
The litigation is eventually resolved, but Caroline and Rebecca decide that they want to have their own business without Nirav. (1) If the entity is a partnership, how should it be dissolved? (2) If the entity is a corporation, how should it be dissolved?
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