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.
California Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership In the state of California, an Employment Agreement and Non-Competition Agreement between a Physician and Medical Practice providing services as a Limited Liability Partnership is a legally binding contract that outlines the terms and conditions of the employment relationship between a physician and a medical practice. This agreement specifies the rights, responsibilities, and obligations of both parties to ensure a mutually beneficial working relationship. The Employment Agreement covers various aspects relevant to the employment of the physician. It includes details such as the start and end date of the agreement, the physician's job title, duties, and responsibilities, work hours, compensation structure, bonus or incentive arrangements, and benefits provided by the medical practice. Additionally, it may also address matters like vacation and time-off policies, professional development opportunities, and termination conditions. The Non-Competition Agreement, which is often included as a separate section within the overall agreement, prohibits the physician from engaging in certain activities that may compete with the medical practice during and/or after the employment relationship. It typically outlines geographic boundaries, timeframes, and specific actions that are restricted, such as establishing a competing practice or soliciting patients or staff members. The intent is to protect the medical practice's goodwill, trade secrets, and patient base. In California, there may exist different types or variations of these agreements depending on various factors, such as the specific medical specialty, the size and structure of the medical practice, and the negotiating power of the physician. Some potential variations to consider when drafting these agreements and using relevant keywords include: 1. Full-time vs. Part-time Employment Agreement: If the physician is to be employed on a full-time basis, the agreement may encompass additional clauses related to working hours, on-call duties, and availability. Alternatively, a part-time agreement would address specific terms and conditions applicable to the physician's reduced workload. 2. Base Salary vs. Productivity-Based Compensation Agreement: The compensation structure outlined in the agreement may differentiate between a fixed base salary, which guarantees a certain level of income, and a productivity-based model, which may provide additional compensation based on factors such as the number of patients seen, procedures performed, or revenue generated. 3. Partnership Track or Non-Partnership Track Agreement: In certain cases, the medical practice may offer a physician the opportunity to become a partner over time. A partnership track agreement would outline the criteria, timeline, and expectations for achieving partnership status. Conversely, a non-partnership track agreement would exclude partnership considerations altogether. 4. Restrictive Covenants Agreement: Apart from the non-competition clause, the agreement may also include other restrictive covenants, such as non-solicitation agreements (preventing the physician from recruiting patients or staff) or non-disclosure agreements (safeguarding confidential and proprietary information of the medical practice). 5. Termination or Renewal Options: The agreement may mention options for termination, which could include provisions for termination without cause, termination for cause (such as gross misconduct), or mutual termination. Additionally, it may address the possibility of agreement renewal or non-renewal at the end of the agreement period. It is important to consult with legal professionals who specialize in healthcare law or employment law to ensure the agreement meets all applicable legal requirements and safeguards the interests of both the physician and the medical practice.California Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership In the state of California, an Employment Agreement and Non-Competition Agreement between a Physician and Medical Practice providing services as a Limited Liability Partnership is a legally binding contract that outlines the terms and conditions of the employment relationship between a physician and a medical practice. This agreement specifies the rights, responsibilities, and obligations of both parties to ensure a mutually beneficial working relationship. The Employment Agreement covers various aspects relevant to the employment of the physician. It includes details such as the start and end date of the agreement, the physician's job title, duties, and responsibilities, work hours, compensation structure, bonus or incentive arrangements, and benefits provided by the medical practice. Additionally, it may also address matters like vacation and time-off policies, professional development opportunities, and termination conditions. The Non-Competition Agreement, which is often included as a separate section within the overall agreement, prohibits the physician from engaging in certain activities that may compete with the medical practice during and/or after the employment relationship. It typically outlines geographic boundaries, timeframes, and specific actions that are restricted, such as establishing a competing practice or soliciting patients or staff members. The intent is to protect the medical practice's goodwill, trade secrets, and patient base. In California, there may exist different types or variations of these agreements depending on various factors, such as the specific medical specialty, the size and structure of the medical practice, and the negotiating power of the physician. Some potential variations to consider when drafting these agreements and using relevant keywords include: 1. Full-time vs. Part-time Employment Agreement: If the physician is to be employed on a full-time basis, the agreement may encompass additional clauses related to working hours, on-call duties, and availability. Alternatively, a part-time agreement would address specific terms and conditions applicable to the physician's reduced workload. 2. Base Salary vs. Productivity-Based Compensation Agreement: The compensation structure outlined in the agreement may differentiate between a fixed base salary, which guarantees a certain level of income, and a productivity-based model, which may provide additional compensation based on factors such as the number of patients seen, procedures performed, or revenue generated. 3. Partnership Track or Non-Partnership Track Agreement: In certain cases, the medical practice may offer a physician the opportunity to become a partner over time. A partnership track agreement would outline the criteria, timeline, and expectations for achieving partnership status. Conversely, a non-partnership track agreement would exclude partnership considerations altogether. 4. Restrictive Covenants Agreement: Apart from the non-competition clause, the agreement may also include other restrictive covenants, such as non-solicitation agreements (preventing the physician from recruiting patients or staff) or non-disclosure agreements (safeguarding confidential and proprietary information of the medical practice). 5. Termination or Renewal Options: The agreement may mention options for termination, which could include provisions for termination without cause, termination for cause (such as gross misconduct), or mutual termination. Additionally, it may address the possibility of agreement renewal or non-renewal at the end of the agreement period. It is important to consult with legal professionals who specialize in healthcare law or employment law to ensure the agreement meets all applicable legal requirements and safeguards the interests of both the physician and the medical practice.
