Jul 3, 2026 · 22 min · 11 segments
In this episode, brought to you by Wesleyan Financial Services, Carly Millan Page, one of our B2B Partnership Account Managers, and Graham Hutton dental specialist financial adviser, are joined by Kim…
So first of all, guys, we're going to talk about the basics of understanding agreement within the Scottish context.
When dentists come together to run a practice, what are the main types of agreements that they should really have on their radar and be aware of? Thanks, Carly.
so I suppose it really depends on the structure of the practice when they are coming together.
But the key agreements to be aware of are traditional Scottish partnership agreements.
So under the Partnership Act 1890, which is very much still the law here, a partnership without a formal written agreement can dissolve automatically if a partner dies or leaves.
So really, you really need to have a written agreement in place It's very, very important.
And a bespoke agreement would set out things like decision making, profit shares, clinical responsibilities and exit routes.
And really importantly, what happens on death or long term illness of a partner.
As you'll probably know, more and more practices in Scotland are moving to be limited companies.
So a shareholders agreement again would set out similar to a partnership agreement, things like decision making, clinical responsibilities and again really importantly what happens on death or long term illness.
These ensure that if a partner or shareholder passes away, the remaining partner or shareholders, depending on your structure, can buy their interest from the deceased person's estate.
A cross-option agreement ensures compliance with Scots succession law, Scots contract law and also UK inheritance tax rules.
They are basically the insurance policies that fund the cross-options and they create certainty, ensuring continuity of the business and that there's no sort of scrambling for finance at a time of grief
or or crisis yeah that's the last thing anybody wants without the stress of you know grieving also then trying to sort of extract money from the business if you've not got an appropriate mechanism for that
yeah yeah yeah at a time when it's the last thing that you need really isn't it what a shame so why would you specifically need uh solicitor that specialises in dental in Scotland, are these types of agreements not something that any solicitor can
So first of all, guys, we're going to talk about the basics of understanding agreement within the Scottish context.
When dentists come together to run a practice, what are the main types of agreements that they should really have on their radar and be aware of? Thanks, Carly.
so I suppose it really depends on the structure of the practice when they are coming together.
But the key agreements to be aware of are traditional Scottish partnership agreements.
So under the Partnership Act 1890, which is very much still the law here, a partnership without a formal written agreement can dissolve automatically if a partner dies or leaves.
So really, you really need to have a written agreement in place It's very, very important.
And a bespoke agreement would set out things like decision making, profit shares, clinical responsibilities and exit routes.
And really importantly, what happens on death or long term illness of a partner.
As you'll probably know, more and more practices in Scotland are moving to be limited companies.
So a shareholders agreement again would set out similar to a partnership agreement, things like decision making, clinical responsibilities and again really importantly what happens on death or long term illness.
These ensure that if a partner or shareholder passes away, the remaining partner or shareholders, depending on your structure, can buy their interest from the deceased person's estate.
A cross-option agreement ensures compliance with Scots succession law, Scots contract law and also UK inheritance tax rules.
They are basically the insurance policies that fund the cross-options and they create certainty, ensuring continuity of the business and that there's no sort of scrambling for finance at a time of grief
or or crisis yeah that's the last thing anybody wants without the stress of you know grieving also then trying to sort of extract money from the business if you've not got an appropriate mechanism for that
yeah yeah yeah at a time when it's the last thing that you need really isn't it what a shame so why would you specifically need uh solicitor that specialises in dental in Scotland, are these types of agreements not something that any solicitor can
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