A non-disclosure agreement is a legally binding contract between two or more persons, in which a person or business promises to treat specific information as a trade secret and not disclose it to others without proper authorization. A non-disclosure agreement is also known as a confidentiality agreement, confidential disclosure agreement, proprietary information agreement, or secrecy agreement.
A covenant not to compete refers to an agreement to ensure that an employee will not compete against an employer or former employer. By this an employee agrees not to pursue a similar profession or trade in competition against the employer. Restrictions to prevent competition by a former employee are held valid when they are reasonable and necessary to protect the interests of the employer. Courts will closely examine covenants not to compete signed by individuals in order to make sure that they are not unreasonable as to time or geographical area. Courts may also look to public welfare. An agreement between a doctor and a clinic that if the doctor leaves the employ of the clinic, he will not practice within the city in which the clinic is located for the next five years may be held to be invalid if the city needed more than one doctor (assuming there was just one).
A limited liability company (LLC) is a separate legal entity that can conduct business just like a corporation with many of the advantages of a partnership. It is taxed as a partnership. Its owners are called members and receive income from the LLC just as a partner would. There is no tax on the LLC entity itself. The members are not personally liable for the debts and obligations of the entity like partners would be. Basically, an LLC combines the tax advantages of a partnership with the limited liability feature of a corporation.
An LLC is formed by filing articles of organization with the secretary of state in the same type manner that articles of incorporation are filed. The articles must contain the name, purpose, duration, registered agent, and principle office of the LLC. The name of the LLC must contain the words limited liability company or LLC. An LLC is a separate legal entity like a corporation.
A Professional Limited Liability Company (PLLC or P.L.L.C.) is a limited liability company organized for the purpose of providing professional services.
Kentucky Employment Agreement between Physician and Professional Limited Liability Company with Nondisclosure Agreement and Covenant not to Compete In Kentucky, when a physician is entering into an employment agreement with a professional limited liability company (LLC), it is important for both parties to have a comprehensive contract in place to protect their interests. This employment agreement not only outlines the terms and conditions of the physician's employment but also includes clauses for confidentiality and non-competition. A Kentucky Employment Agreement between a Physician and an LLC typically includes the following key elements: 1. Identification of Parties: The agreement begins by clearly identifying the parties involved, including the physician's full name, contact details, and medical license information. The LLC's name, address, and any necessary licensing or accreditation information are also provided. 2. Term and Termination: The agreement establishes the duration of the employment, often specifying an initial term followed by automatic renewal periods. Additionally, it outlines the circumstances under which either party can terminate the agreement, such as for cause, expiration, or termination by either party with prior notice. 3. Duties and Responsibilities: This section outlines the specific duties and responsibilities of the physician within the LLC. It includes a detailed description of the services to be provided, whether it is patient care, administrative tasks, research, or any other responsibilities related to the position. 4. Compensation and Benefits: Details regarding the physician's compensation package are covered here. It specifies the salary or hourly wage, bonuses, incentives, benefits (health insurance, retirement plans, etc.), and any reimbursement programs. The agreement may also include provisions for salary reviews, potential raises, or additional compensations based on specific performance metrics. 5. Nondisclosure Agreement (NDA): To protect confidential information, trade secrets, patient records, and other sensitive data, a Nondisclosure Agreement (NDA) is included. This section prohibits the physician from sharing, disclosing, or misusing any confidential information obtained during their employment and may include provisions for penalties or legal actions for breaches of the NDA. 6. Covenant not to Compete: Kentucky Employment Agreements between physicians and PLL Cs often contain a covenant not to compete clause. This clause prevents the physician from practicing medicine within a specified geographic area for a certain period after termination or expiration of the agreement. The details such as the duration and the specific territory where the non-compete applies are specified. Types of Kentucky Employment Agreements between Physicians and PLL Cs may include: 1. Full-Time Employment Agreement: This type of agreement is for physicians who are employed on a full-time basis by an LLC and typically work a set number of hours or shifts per week or month. 2. Part-Time Employment Agreement: Part-time agreements are suitable for physicians who work fewer hours or shifts per week or month. These agreements may include a prorated salary and benefits based on the physician's reduced working hours. 3. Independent Contractor Agreement: In some cases, a physician may be hired as an independent contractor rather than a full-time or part-time employee. The terms and conditions, compensation, and obligations outlined in an independent contractor agreement may differ from those in an employee agreement. In conclusion, a Kentucky Employment Agreement between a Physician and a Professional Limited Liability Company with Nondisclosure Agreement and Covenant not to Compete is a comprehensive contract designed to protect both parties' interests. It outlines the terms of employment, compensation, duties, and responsibilities while also ensuring confidentiality and preventing competition. Various types of agreements, such as full-time, part-time, and independent contractor agreements, cater to different employment arrangements.Kentucky Employment Agreement between Physician and Professional Limited Liability Company with Nondisclosure Agreement and Covenant not to Compete In Kentucky, when a physician is entering into an employment agreement with a professional limited liability company (LLC), it is important for both parties to have a comprehensive contract in place to protect their interests. This employment agreement not only outlines the terms and conditions of the physician's employment but also includes clauses for confidentiality and non-competition. A Kentucky Employment Agreement between a Physician and an LLC typically includes the following key elements: 1. Identification of Parties: The agreement begins by clearly identifying the parties involved, including the physician's full name, contact details, and medical license information. The LLC's name, address, and any necessary licensing or accreditation information are also provided. 2. Term and Termination: The agreement establishes the duration of the employment, often specifying an initial term followed by automatic renewal periods. Additionally, it outlines the circumstances under which either party can terminate the agreement, such as for cause, expiration, or termination by either party with prior notice. 3. Duties and Responsibilities: This section outlines the specific duties and responsibilities of the physician within the LLC. It includes a detailed description of the services to be provided, whether it is patient care, administrative tasks, research, or any other responsibilities related to the position. 4. Compensation and Benefits: Details regarding the physician's compensation package are covered here. It specifies the salary or hourly wage, bonuses, incentives, benefits (health insurance, retirement plans, etc.), and any reimbursement programs. The agreement may also include provisions for salary reviews, potential raises, or additional compensations based on specific performance metrics. 5. Nondisclosure Agreement (NDA): To protect confidential information, trade secrets, patient records, and other sensitive data, a Nondisclosure Agreement (NDA) is included. This section prohibits the physician from sharing, disclosing, or misusing any confidential information obtained during their employment and may include provisions for penalties or legal actions for breaches of the NDA. 6. Covenant not to Compete: Kentucky Employment Agreements between physicians and PLL Cs often contain a covenant not to compete clause. This clause prevents the physician from practicing medicine within a specified geographic area for a certain period after termination or expiration of the agreement. The details such as the duration and the specific territory where the non-compete applies are specified. Types of Kentucky Employment Agreements between Physicians and PLL Cs may include: 1. Full-Time Employment Agreement: This type of agreement is for physicians who are employed on a full-time basis by an LLC and typically work a set number of hours or shifts per week or month. 2. Part-Time Employment Agreement: Part-time agreements are suitable for physicians who work fewer hours or shifts per week or month. These agreements may include a prorated salary and benefits based on the physician's reduced working hours. 3. Independent Contractor Agreement: In some cases, a physician may be hired as an independent contractor rather than a full-time or part-time employee. The terms and conditions, compensation, and obligations outlined in an independent contractor agreement may differ from those in an employee agreement. In conclusion, a Kentucky Employment Agreement between a Physician and a Professional Limited Liability Company with Nondisclosure Agreement and Covenant not to Compete is a comprehensive contract designed to protect both parties' interests. It outlines the terms of employment, compensation, duties, and responsibilities while also ensuring confidentiality and preventing competition. Various types of agreements, such as full-time, part-time, and independent contractor agreements, cater to different employment arrangements.
