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.
An Indiana Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership is a legally binding document that outlines the terms and conditions of employment for physicians within a medical practice operating as a Limited Liability Partnership (LLP) in the state of Indiana. This agreement aims to ensure a mutually beneficial relationship between the physician and the medical practice, while also protecting the interests of both parties involved. The employment agreement typically covers various aspects such as the job title, responsibilities, work schedule, compensation, benefits, and other terms and conditions related to the physician's employment. It outlines the duration of the agreement, including any provisions for renewal or termination, as well as any probationary period that may be applicable. Additionally, the agreement may include provisions regarding non-competition and non-solicitation, aiming to protect the medical practice's interests and prevent the physician from working for a competing practice or soliciting patients or staff members for a certain period of time after the termination of the agreement. These provisions can help safeguard the practice's patient base, proprietary information, and trade secrets. Under Indiana law, there aren't specific types of Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership, as the content and structure of these agreements can vary depending on the needs and preferences of the parties involved. However, some variations that may be relevant include: 1. Full-time Employment Agreement: This type of agreement applies when the physician is hired as a full-time employee within the medical practice and covers all aspects of their full-time employment, including compensation, benefits, and non-competition provisions. 2. Part-time or Locum Teens Agreement: This type of agreement is tailored for physicians who are employed on a part-time basis or as locum tenens, providing temporary coverage for other physicians within the medical practice. It may have specific provisions regarding scheduling, compensation, and non-competition based on the nature of the position. 3. Associate Agreement: This type of agreement is applicable when a physician joins a medical practice as an associate, typically with the goal of becoming a partner in the LLP in the future. It may include additional provisions related to partnership opportunities, buy-in options, and compensation structures. 4. Ownership Agreement: If a physician intends to become a partner or owner of the medical practice, an additional ownership agreement may be required. This agreement addresses rights, responsibilities, and terms of ownership within the LLP. In summary, an Indiana Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership is a comprehensive legal document that outlines the terms of employment and non-competition provisions for physicians within a medical practice. While there aren't specific types of these agreements defined by Indiana law, variations may exist based on factors such as employment status (full-time, part-time, or locum tenens) or intentions of partnership or ownership within the practice.
