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.
Kansas Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership Overview: The Kansas Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership is a legally binding contract that establishes the terms and conditions of employment for physicians in medical practices operating as limited liability partnerships (Laps) in the state of Kansas. This comprehensive agreement covers various aspects of the employment relationship, including duties, compensation, benefits, non-competition clauses, and termination provisions. It aims to protect the interests of both the physician and the medical practice while ensuring compliance with applicable Kansas laws and regulations. Types of Kansas 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 standard terms and conditions of employment between the physician and the medical practice. It covers essential elements such as job responsibilities, compensation structure, work schedule, benefits, and vacation policies. The agreement also addresses intellectual property ownership, confidentiality, and non-disclosure provisions. 2. Non-Competition Agreement: In addition to the standard employment agreement, physicians may be required to sign a non-competition agreement. This agreement prohibits the physician from working for or establishing a competing medical practice within a specified geographic area and time frame after the termination of employment. It aims to protect the medical practice's patient base, trade secrets, and confidential information. 3. Partnership Agreement: If the physician intends to become a partner in the medical practice, a separate partnership agreement may be included in the overall employment agreement. This agreement outlines the terms of the partnership, including partner contributions, profit-sharing, decision-making processes, and governance structure. It defines the rights and responsibilities of both the physician and the medical practice as partners. Key Elements of the Employment Agreement and Non-Competition Agreement: 1. Employment details: Clearly defines the physician's role, duties, and responsibilities within the medical practice. 2. Compensation: Outlines the physician's salary, potential incentives, and payment methods. 3. Benefits: Details the benefits package offered to the physician, including health insurance, retirement plans, and leave policies. 4. Time commitment: Specifies the expected working hours, on-call duties, and any requirements for weekend or holiday coverage. 5. Non-competition clause: Clearly defines the geographic area, duration, and prohibited activities if the physician decides to leave the medical practice. 6. Termination provisions: Outlines the conditions and procedures for terminating the employment relationship, including notice periods and severance arrangements. 7. Compliance with laws and regulations: Ensures that both parties will comply with applicable state and federal laws, including the Kansas Medical Practice Act and HIPAA regulations. 8. Dispute resolution: Establishes procedures for resolving disputes, including arbitration or mediation processes. In conclusion, the Kansas Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership is a comprehensive contract that governs the employment relationship between physicians and medical practices operating as limited liability partnerships. It covers various aspects of the employment, including duties, compensation, benefits, non-competition clauses, and termination provisions. By signing this agreement, both parties ensure compliance with applicable laws and protect their rights and interests.Kansas Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership Overview: The Kansas Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership is a legally binding contract that establishes the terms and conditions of employment for physicians in medical practices operating as limited liability partnerships (Laps) in the state of Kansas. This comprehensive agreement covers various aspects of the employment relationship, including duties, compensation, benefits, non-competition clauses, and termination provisions. It aims to protect the interests of both the physician and the medical practice while ensuring compliance with applicable Kansas laws and regulations. Types of Kansas 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 standard terms and conditions of employment between the physician and the medical practice. It covers essential elements such as job responsibilities, compensation structure, work schedule, benefits, and vacation policies. The agreement also addresses intellectual property ownership, confidentiality, and non-disclosure provisions. 2. Non-Competition Agreement: In addition to the standard employment agreement, physicians may be required to sign a non-competition agreement. This agreement prohibits the physician from working for or establishing a competing medical practice within a specified geographic area and time frame after the termination of employment. It aims to protect the medical practice's patient base, trade secrets, and confidential information. 3. Partnership Agreement: If the physician intends to become a partner in the medical practice, a separate partnership agreement may be included in the overall employment agreement. This agreement outlines the terms of the partnership, including partner contributions, profit-sharing, decision-making processes, and governance structure. It defines the rights and responsibilities of both the physician and the medical practice as partners. Key Elements of the Employment Agreement and Non-Competition Agreement: 1. Employment details: Clearly defines the physician's role, duties, and responsibilities within the medical practice. 2. Compensation: Outlines the physician's salary, potential incentives, and payment methods. 3. Benefits: Details the benefits package offered to the physician, including health insurance, retirement plans, and leave policies. 4. Time commitment: Specifies the expected working hours, on-call duties, and any requirements for weekend or holiday coverage. 5. Non-competition clause: Clearly defines the geographic area, duration, and prohibited activities if the physician decides to leave the medical practice. 6. Termination provisions: Outlines the conditions and procedures for terminating the employment relationship, including notice periods and severance arrangements. 7. Compliance with laws and regulations: Ensures that both parties will comply with applicable state and federal laws, including the Kansas Medical Practice Act and HIPAA regulations. 8. Dispute resolution: Establishes procedures for resolving disputes, including arbitration or mediation processes. In conclusion, the Kansas Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership is a comprehensive contract that governs the employment relationship between physicians and medical practices operating as limited liability partnerships. It covers various aspects of the employment, including duties, compensation, benefits, non-competition clauses, and termination provisions. By signing this agreement, both parties ensure compliance with applicable laws and protect their rights and interests.
