Virgin Islands Professional Limited Liability Partnership Agreement to Practice Medicine
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FAQ
General partners can be held liable for their debts and their partner's debts. Only a PC offers some liability protection for physicians in a group medical practice. Through a PC, doctors can protect themselves against personal liability for the contracts, leases, and other debts of the business.
Limited Liability Partnership The partners of an LLP have more liability protection than partners of a general partnership, but they still have unlimited personal liability for obligations of the practice.
Advantages and Disadvantages of Medical Partnerships Possibility of taking more financial risks and making investments, compared to the independent practice. More freedom in choosing the hours of work, working part-time or full-time. Greater financial security.
However, operating as a PC, LLP or LLC generally can protect you against personal liability for malpractice committed by another physician in the practice. (General partnerships do not offer this protection, while sole proprietorships do not need this protection.)
Board of Medical Examiners All other inquiries you can contact the Office of Professional Licensure and Health Planning: Deborah Richardson-Peter deborah.richardson-peter@doh.vi.gov or by calling (340) 718-1311 ext. 3849 or (340) 774-7477 ext. 5694.
The U.S. Virgin Islands do not have their own constitution. The main governing document of the U.S. Virgin Islands is the Revised Organic Act of the Virgin Islands, which was passed by the U.S. Congress in 1954.
A medical doctor cannot form a limited liability partnership in the State of California. A professional corporation is the business structure of choice for medical practice.
