Medical Tourism Company startup
Hi there!
I recently had some medical work done in Thailand. Seems like a good business in the medical tourism industry. I thought we would incorperate in Thailand and advertise in the U.S. (and elsewhere later). I am concerned about the worst case scenerio. If a client is injured or dies, can I limit my liability to the amount of my investment in our company? A lawyer friend told me that lawyers are able to circumvent the legal wall of incorporation and get to personal assets, like my home. Is there a legal structure that protects our non-business assets? Are you aware of insurance that might protect me fom this risk?
Thank you in advance for your consideration of my problem.
Re: Medical Tourism Company startup
I have good news and bad news.
The good news is that properly done, incorporation will protect the owners of a corporation from personal liability beyond the loss of their investment into the corporation. You must observe all corporate formalities and you must not provide any basis upon which the corporate veil may be pierced.
Now the bad news. First, I'm not licensed to practice in Thailand, so I can't tell you much about laws concerning corporations in Thailand, and can't tell you what they may require there. That's not really the bad news, though. The bad news is that I suspect what you plan to do is not legal. You plan to market, in the US, the services of doctors who are probably not licensed to practice in the US, and you are also potentially marketing procedures that have not been approved by the FDA. This is very different from the Canadian pharmacies, which are simply marketing FDA approved drugs, filling prescriptions provided by doctors licensed here.
If a patient dies or is injured because of an act that the court finds to be a crime, there should be no problem getting at your personal assets.
Before you proceed with this plan, speak with a lawyer who understands the laws governing medical practice, to find out if it is legal. I strongly suspect it is not, but you may want to confirm with someone who focuses on that field.
Re: Medical Tourism Company startup
I have good news and bad news.
The good news is that properly done, incorporation will protect the owners of a corporation from personal liability beyond the loss of their investment into the corporation. You must observe all corporate formalities and you must not provide any basis upon which the corporate veil may be pierced.
Now the bad news. First, I'm not licensed to practice in Thailand, so I can't tell you much about laws concerning corporations in Thailand, and can't tell you what they may require there. That's not really the bad news, though. The bad news is that I suspect what you plan to do is not legal. You plan to market, in the US, the services of doctors who are probably not licensed to practice in the US, and you are also potentially marketing procedures that have not been approved by the FDA. This is very different from the Canadian pharmacies, which are simply marketing FDA approved drugs, filling prescriptions provided by doctors licensed here.
If a patient dies or is injured because of an act that the court finds to be a crime, there should be no problem getting at your personal assets.
Before you proceed with this plan, speak with a lawyer who understands the laws governing medical practice, to find out if it is legal. I strongly suspect it is not, but you may want to confirm with someone who focuses on that field.
