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.
Hawaii Employment Agreement and Non-Competition Agreement is a legally binding document established between a physician and a medical practice, operating as a Limited Liability Partnership (LLP). This agreement outlines the terms, conditions, and obligations that govern the employment relationship and restricts the physician from engaging in competitive activities after termination. The agreements aim to protect the medical practice's trade secrets, client relationships, and ensure the physician's commitment to the practice. There are various types of Hawaii Employment Agreements and Non-Competition Agreements between Physicians and Medical Practices as a Limited Liability Partnership, including: 1. General Employment Agreement: This agreement sets forth the general terms and conditions of the physician's employment, such as compensation, benefits, responsibilities, work schedule, and termination clauses. It also typically includes non-competition provisions that limit the physician's ability to practice medicine within a specified geographic area and time frame following the termination of employment. 2. Senior Partner Agreement: In the case of a medical practice with multiple partners, this agreement is specific to a senior physician who holds a leadership or management role. It outlines additional responsibilities and benefits that come with the senior partner status while still incorporating the standard elements of an employment agreement and non-competition provisions. 3. Part-Time Employment Agreement: This type of agreement is tailored for physicians who work on a part-time basis with the medical practice. It may have different compensation structures, reduced benefits, and modified non-competition clauses compared to a full-time employment agreement. 4. Independent Contractor Agreement: In some cases, physicians may work as independent contractors rather than employees. This agreement outlines the terms of the contractor's engagement with the medical practice, including compensation, project scope, duration, and potential non-competition provisions. 5. Non-Competition Agreement Addendum: This addendum is used to supplement an existing employment agreement and specifically addresses non-competition restrictions. It may be introduced when a physician's role expands, the practice expands to new locations, or when existing non-competition provisions need modifications. 6. Partnership Agreement: In circumstances where a physician progresses from an employment position to a partnership within the medical practice, a partnership agreement comes into effect. This agreement outlines the rights, obligations, capital contributions, profit-sharing, and the mechanism for admission and withdrawal of partners. It is crucial for both the physician and the medical practice to thoroughly review and understand the specific terms contained in these agreements to ensure compliance and protection of their interests. Seeking professional legal advice is highly recommended tailoring the agreement to the unique needs and circumstances of the physician and the medical practice providing services as a Limited Liability Partnership in Hawaii.
