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.
A Kentucky 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 working in a medical practice structured as a limited liability partnership (LLP). This agreement includes provisions related to the physician's scope of practice, compensation, benefits, and obligations. One type of Kentucky Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership is the Full-Time Employment Agreement. This agreement is designed for physicians who are employed on a full-time basis, typically working a specified number of hours per week or month, and receiving a fixed salary or compensation package. Another type is the Part-Time Employment Agreement, which is intended for physicians who work on a less than full-time basis. This agreement specifies the number of hours or days the physician will be working and outlines the corresponding compensation, benefits, and obligations. Additionally, there may be specific agreements tailored to physicians joining the medical practice as a partner, such as the Partnership Employment Agreement. This agreement details the terms of the physician becoming a partner in the LLP, including capital contributions, profit-sharing, decision-making authority, and any additional responsibilities associated with partnership. The Employment Agreement portion of these documents typically includes clauses addressing the physician's duties and responsibilities, which may encompass patient care, administrative tasks, continuing medical education requirements, and adherence to professional standards. It will also specify the compensation structure, including salary, bonuses, incentives, and reimbursement for expenses incurred in the course of their employment. The Non-Competition Agreement component typically contains provisions restricting the physician from engaging in competitive activities during and after their employment with the medical practice. This may include limitations on working for rival healthcare providers, establishing competing practices, or soliciting the medical practice's patients or staff. The duration, geographic scope, and potential penalties for violating the non-competition agreement are also usually outlined. It is crucial that physicians thoroughly review and understand the terms and implications of the Kentucky Employment Agreement and Non-Competition Agreement before signing, as these contracts can have significant effects on their professional freedom and future career prospects. Seeking legal advice and professional guidance when negotiating or reviewing these agreements is highly recommended ensuring compliance with Kentucky state laws and protection of the physician's rights and interests.
