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Dental plus Franchise?

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    #1

    Dental plus Franchise?

    Has anyone ever heard of dental plus franchise? I have a client that spent 20k on this franchise and did not receive and k1 or anything else about his investment. From the paperwork that he brought in it looked likes he bought a portion of a franchise and then the main company invests in a dental office. It looks to me this is some sort of partnership but I am not really clear on this.

    Does anyone have and experience/knowlage of hoe this company works?

    Thanks in advance
    Superman
    Tags: None
    #2
    Dental Plus

    I am not familiar with Dental Plus.

    I would start by asking the client what the structure of his business is.

    Did he form a corporation?

    Is he operating as a sole proprietorship, with a trade name? For example, did he register a fictitious name with the Secretary of State, such as "Robert Smith, DDS, DBA Dental Plus"?

    Does he have any employees? If so, he must have an EIN.

    Does he have a copy of the EIN application? What business structure was used to apply for the EIN? Corporation? Partnership? Sole Prop? LLC?

    Is this guy a dentist, or just an investor?

    It just boggles my mind that the guy didn't have an attorney or a tax pro involved in the process from the beginning.

    Getting the right information from your client is going to be like pulling teeth...

    BMK
    Burton M. Koss
    koss@usakoss.net

    ____________________________________
    The map is not the territory...
    and the instruction book is not the process.

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      #3
      I just got a doozy from a new client. Some real estate investment LLC idea sold to her & hubbie by an outfit out of California -- she mentioned some guy named Beck on TV -- cost her about $4K to set it up, they have done partnership returns for her the last 2 years, no income -- just deductions. Did all this work on the return and nothing passed through to the personal. Plus they did her personal return too. EXTENSION! They want to dissolve LLC (good idea) -- have done nothing with it since it started. Going to take some doing to unwind. She knows she messed up. Said "don't you see IDIOT stamped on my forehead?" I was diplomatic.

      Comment

        #4
        So what's the diplomatic response to "Don't you see IDIOT stamped on my forehead?"

        The best thing I can come up with so far is:
        "No, I don't.
        But apparently the eysight of the guy who sold you this investment is better than mine."
        Last edited by JohnH; 03-24-2012, 01:53 PM.
        "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith

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