|When considering the purchase of a dental practice, the dentist must perform the required due diligence. The dentist, his/her accountant and lawyer should educate themselves doing due diligence before ever signing a letter of intent. The potential buyer should always ask for the following reports:|
|Buying a dental practice is one of the most significant purchases that a dentist will make in their career. A potential buyer of a dental practice must assemble a team of strong advisors to facilitate the transition. Below is a list of members that are crucial to a successful transition:|
The U. S. Department of Labor’s Wage and Hour Division ensures that employers comply with the Fair Labor and Standards Act. The Fair Labor and Standards Act states that all non- exempt employees should receive at least minimum wage compensation for all hours worked and overtime pay at a time and a half their regular hourly rate for all hours worked in excess of 40 hours.
When the Department of Labor comes knocking on the door, a business only has a certain time frame within which to turn over the requested documentation. Be aware of the types of documentation that the Department of Labor may require so that your business does not scramble to find the requested information.