When purchasing or starting up a practice, the “entity” that you form is of the utmost importance. The proper “entity” form can help protect your personal assets. Different types of entities include limited liability companies, partnerships, sole member entities and corporations. Operating and shareholder agreements are crucial documents that should never be left to non-lawyers or lawyers unfamiliar with the process. The money you will save by doing it correctly during the formation stages can’t be overemphasized.