What type of medical practice do Dr. Jones and Dr. Myers have by sharing patients and profits?

Dr. Jones and Dr. Myers operate under a partnership, which is characterized by two or more individuals sharing responsibilities, profits, and liabilities in a clinical setting. In a partnership, the physicians collaborate, often combining resources, knowledge, and patient care to enhance their practice while allowing for shared decision-making and financial obligations.

This arrangement contrasts with a sole proprietorship, where only a single individual operates the business, bearing full responsibility for profits and losses. A corporation is a more complex entity that involves shareholders and offers limited liability protection, which does not apply to the described situation. A franchise, on the other hand, usually involves a business model where one party grants another the right to operate under its brand and systems in exchange for a fee, which again does not fit the context of shared patients and profits. Thus, understanding these distinctions highlights why the partnership is the correct characterization of Dr. Jones and Dr. Myers’ practice setup.