The Limited Liability Partnership (LLP) is an alternative to the limited liability company (LLC). As with the limited liability company, the limited liability partnership provides a method of insulating partners from personal liability for acts of other partners.
A limited liability partnership is a general partnership that elects to be treated as an LLP by registering with the Secretary of State. Many attorneys and accountants choose the LLP structure since it shields the partners from vicarious liability, can operate more informally and flexibly than a corporation, and is accorded full partnership tax treatment. In a general partnership, individual partners are liable for the partnership's debts and obligations whereas the partners in a limited liability partnership are statutorily provided full-shield protection from partnership liabilities, debts and obligations. It allows the members of the LLP to take an active role in the business of the partnership, without exposing them to personal liability for others' acts except to the extent of their investment in the LLP. Many law and accounting firms now operate as LLPs. In some states, with certain exceptions, the LLP is only available to attorneys and accountants.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Arkansas Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership Description: The Arkansas Employment Agreement and Non-Competition Agreement between Physician and Medical Practice is a legally binding contract that outlines the terms and conditions of employment for physicians in a limited liability partnership. This agreement ensures that both the physician and the medical practice are aware of their rights, responsibilities, and obligations during the course of their professional relationship. It covers various aspects, including compensation, duration of employment, non-competition clauses, and other essential provisions. Keywords: Arkansassa— - Employment Agreement - Non-Competition Agreement Physiciania— - Medical Practice - Limited Liability Partnership Contractac— - Terms and conditions - Rights and obligations Compensationio— - Duration of employmen— - Non-competition clauses — Professionarelationshiphi— - Provisions Types of Arkansas Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership: 1. Standard Employment Agreement: This type of agreement outlines the basic terms of employment, including the physician's role, responsibilities, and compensation. It also includes provisions related to confidentiality, non-disclosure of sensitive information, employment duration, termination, and any applicable non-competition restrictions. 2. Partnership Agreement: In addition to the employment terms, this agreement focuses on the specifics of the limited liability partnership. It covers the distribution of profits or losses, decision-making processes, partnership dissolution policies, and the partner's liability within the practice. Non-competition clauses are also included within this agreement to protect the practice's interests. 3. Non-Competition Agreement: This agreement restricts the physician from practicing medicine within a certain geographical area and for a specified period after leaving the medical practice. It is aimed at safeguarding the practice's patient base, trade secrets, and goodwill. Non-competition agreements are often drafted as separate documents or as a section within the overall employment agreement. 4. Independent Contractor Agreement: In some cases, the physician may have a status as an independent contractor rather than an employee. This type of agreement clarifies the nature of the relationship, including tax obligations, compensation structure, and limited liability partnership provisions. It may also include non-compete clauses if applicable. 5. Amendment or Addendum to Existing Agreement: If there are any changes or additions required to an existing employment or non-competition agreement, an amendment or addendum may be drafted. This document modifies the original agreement without invalidating its existing terms, ensuring that both parties are aware of and agree to the amendments. When entering into an Arkansas Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership, it is crucial for both parties to seek legal advice to ensure compliance with state laws and to protect their respective interests.Arkansas Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership Description: The Arkansas Employment Agreement and Non-Competition Agreement between Physician and Medical Practice is a legally binding contract that outlines the terms and conditions of employment for physicians in a limited liability partnership. This agreement ensures that both the physician and the medical practice are aware of their rights, responsibilities, and obligations during the course of their professional relationship. It covers various aspects, including compensation, duration of employment, non-competition clauses, and other essential provisions. Keywords: Arkansassa— - Employment Agreement - Non-Competition Agreement Physiciania— - Medical Practice - Limited Liability Partnership Contractac— - Terms and conditions - Rights and obligations Compensationio— - Duration of employmen— - Non-competition clauses — Professionarelationshiphi— - Provisions Types of Arkansas Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership: 1. Standard Employment Agreement: This type of agreement outlines the basic terms of employment, including the physician's role, responsibilities, and compensation. It also includes provisions related to confidentiality, non-disclosure of sensitive information, employment duration, termination, and any applicable non-competition restrictions. 2. Partnership Agreement: In addition to the employment terms, this agreement focuses on the specifics of the limited liability partnership. It covers the distribution of profits or losses, decision-making processes, partnership dissolution policies, and the partner's liability within the practice. Non-competition clauses are also included within this agreement to protect the practice's interests. 3. Non-Competition Agreement: This agreement restricts the physician from practicing medicine within a certain geographical area and for a specified period after leaving the medical practice. It is aimed at safeguarding the practice's patient base, trade secrets, and goodwill. Non-competition agreements are often drafted as separate documents or as a section within the overall employment agreement. 4. Independent Contractor Agreement: In some cases, the physician may have a status as an independent contractor rather than an employee. This type of agreement clarifies the nature of the relationship, including tax obligations, compensation structure, and limited liability partnership provisions. It may also include non-compete clauses if applicable. 5. Amendment or Addendum to Existing Agreement: If there are any changes or additions required to an existing employment or non-competition agreement, an amendment or addendum may be drafted. This document modifies the original agreement without invalidating its existing terms, ensuring that both parties are aware of and agree to the amendments. When entering into an Arkansas Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership, it is crucial for both parties to seek legal advice to ensure compliance with state laws and to protect their respective interests.
