This guide covers the law governing who may own and operate a licensed professional practice. Part I explains the corporate practice doctrine, its origins, and its uneven application across states and professions. Part II covers professional entity forms and their requirements. Part III covers management services structures and the clauses that carry the risk. Part IV covers fee splitting and compensation design. Part V covers the federal fraud and abuse overlay, including the anti-kickback statute, physician self-referral rules, and the False Claims Act. Part VI covers practice transactions and diligence. Part VII covers restrictive covenants, patient records, and exit. Part VIII covers antitrust, licensing board immunity, and compliance program design.