ABSTRACT
When setting up in private practice a doctor must decide whether to practise individually or in a group or partnership. Specialists usually seek to set up in private practice at the same time or shortly after their appointment as an National Health Service (NHS) consultant. They may fill a vacuum left by their predecessor. If it is a new post, or the predecessor is continuing with his private practice following retirement, it will involve breaking new ground, establishing a client base from scratch, so to speak. Establishing the capital value of a private practice is relatively easy. It will probably not be very substantial, unless a freehold property is involved, in which case the services of an independent valuer will be required. The most common form of business arrangement among medical practitioners is the partnership. This allows individuals to act autonomously, subject to certain predefined rules requiring the sharing of profit, investment and liability.
