What rights do I have if I merged with another medical practice 2 1/2 years ago and brought furniture and medical equipment but am now going out on my own?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What rights do I have if I merged with another medical practice 2 1/2 years ago and brought furniture and medical equipment but am now going out on my own?
I brought the items on a hand shake agreement. I am now leaving the practice and opening my own solo practice. However, I am being refused taking my medical equipment back with me? Is there anything I can do?
Asked on September 26, 2014 under Business Law, North Carolina
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
It depends entirely on the terms of the agreement, even a "handshake" or unwritten agreement: if the agreement was that you retained ownership of the items and/or could take them if you split off, they would be yours, for example. On the other hand, if the items were part of your investment into the practice and you are now voluntarily choosing to go out on your own, you might not be entitled to them. Of course, the agreement may not have contemplated or addressed what would happen in this situation; and/or you and the other person(s) may disagree as to what the agreement was. In those cases, you'd have to go to court to get a resolution. Given that litigation (a lawsuit) to recover these items could be expensive, distracting, and may not be successful, your best bet may be to try to negotiate some acceptable price to purchase back anything you really want.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.