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.
The District of Columbia Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership is a legal contract that outlines the terms and conditions of the employment relationship between a physician and a medical practice in the District of Columbia. This agreement is specifically designed for a limited liability partnership, which is a type of business structure where the partners have limited personal liability for the partnership's debts and obligations. The Employment Agreement governs the terms of employment, including job responsibilities, working hours, compensation, benefits, and duration of the employment. It sets forth the expectations and obligations of both the physician and the medical practice, ensuring clarity and transparency in the employment relationship. The Non-Competition Agreement, a crucial component of the overall agreement, restricts the physician from competing against the medical practice within a defined geographical area and a specific period after the termination of the employment. This provision protects the medical practice's interests by preventing the physician from disclosing confidential information, soliciting patients, or diverting business opportunities to a competing medical practice. There can be different types of District of Columbia Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership, depending on the specific circumstances and needs of the parties involved. Some variations may include: 1. Full-time Employment Agreement: This agreement may be applicable when the physician will be working exclusively for the medical practice and will have a full-time schedule. 2. Part-time Employment Agreement: Suitable when the physician will be working only a certain number of hours or days per week or month. 3. Independent Contractor Agreement: In some cases, the physician may be engaged as an independent contractor rather than an employee, and the agreement will be tailored accordingly. This may affect taxation and certain legal rights and responsibilities. 4. Duration and Termination Agreement: This variation may include specific provisions regarding the duration of the employment, renewal options, and conditions for termination for cause or without cause. It is important for both the physician and the medical practice to carefully review and negotiate these agreements to ensure they adequately reflect their respective rights, obligations, and expectations.The District of Columbia Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership is a legal contract that outlines the terms and conditions of the employment relationship between a physician and a medical practice in the District of Columbia. This agreement is specifically designed for a limited liability partnership, which is a type of business structure where the partners have limited personal liability for the partnership's debts and obligations. The Employment Agreement governs the terms of employment, including job responsibilities, working hours, compensation, benefits, and duration of the employment. It sets forth the expectations and obligations of both the physician and the medical practice, ensuring clarity and transparency in the employment relationship. The Non-Competition Agreement, a crucial component of the overall agreement, restricts the physician from competing against the medical practice within a defined geographical area and a specific period after the termination of the employment. This provision protects the medical practice's interests by preventing the physician from disclosing confidential information, soliciting patients, or diverting business opportunities to a competing medical practice. There can be different types of District of Columbia Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership, depending on the specific circumstances and needs of the parties involved. Some variations may include: 1. Full-time Employment Agreement: This agreement may be applicable when the physician will be working exclusively for the medical practice and will have a full-time schedule. 2. Part-time Employment Agreement: Suitable when the physician will be working only a certain number of hours or days per week or month. 3. Independent Contractor Agreement: In some cases, the physician may be engaged as an independent contractor rather than an employee, and the agreement will be tailored accordingly. This may affect taxation and certain legal rights and responsibilities. 4. Duration and Termination Agreement: This variation may include specific provisions regarding the duration of the employment, renewal options, and conditions for termination for cause or without cause. It is important for both the physician and the medical practice to carefully review and negotiate these agreements to ensure they adequately reflect their respective rights, obligations, and expectations.
