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.
North Carolina Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership In North Carolina, an 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 working in a medical practice operating as a Limited Liability Partnership (LLP). This agreement aims to protect the interests of both parties involved and ensure a mutually beneficial working relationship. The Employment Agreement portion outlines the specific details of the physician's employment, including their role, responsibilities, compensation, benefits, working hours, and duration of the agreement. This section may also cover topics such as vacation time, sick leave, continuing education, and other relevant terms and conditions of employment. The agreement may further define performance expectations, disciplinary procedures, and grounds for termination. The Non-Competition Agreement is a crucial component of the contract, aiming to protect the medical practice's interests by preventing the physician from engaging in activities that may compete or interfere with the practice's business during or after their employment. This section often includes restrictions regarding soliciting patients, engaging in a similar medical practice within a specified geographic area, and recruiting or hiring other employees from the practice. Different types of North Carolina Employment Agreements and Non-Competition Agreements between Physician and Medical Practice Providing Services as a Limited Liability Partnership may vary based on the specific terms and conditions agreed upon by the parties involved. For example, some agreements may focus on a fixed-term employment while others may be open-ended or subject to renewal. Additionally, the scope and extent of the non-competition clause can differ. Some agreements may have broader restrictions, prohibiting the physician from practicing in the same specialty within a certain radius for a defined period, while others may have more narrow limitations, only applying to specific settings or a limited duration. It is crucial for both the physician and the medical practice to carefully review and negotiate the terms of the agreement before signing. Seeking legal advice from a knowledgeable attorney specializing in employment contracts and healthcare law in North Carolina is highly recommended ensuring compliance with state laws and to protect the rights and interests of all parties involved.North Carolina Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership In North Carolina, an 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 working in a medical practice operating as a Limited Liability Partnership (LLP). This agreement aims to protect the interests of both parties involved and ensure a mutually beneficial working relationship. The Employment Agreement portion outlines the specific details of the physician's employment, including their role, responsibilities, compensation, benefits, working hours, and duration of the agreement. This section may also cover topics such as vacation time, sick leave, continuing education, and other relevant terms and conditions of employment. The agreement may further define performance expectations, disciplinary procedures, and grounds for termination. The Non-Competition Agreement is a crucial component of the contract, aiming to protect the medical practice's interests by preventing the physician from engaging in activities that may compete or interfere with the practice's business during or after their employment. This section often includes restrictions regarding soliciting patients, engaging in a similar medical practice within a specified geographic area, and recruiting or hiring other employees from the practice. Different types of North Carolina Employment Agreements and Non-Competition Agreements between Physician and Medical Practice Providing Services as a Limited Liability Partnership may vary based on the specific terms and conditions agreed upon by the parties involved. For example, some agreements may focus on a fixed-term employment while others may be open-ended or subject to renewal. Additionally, the scope and extent of the non-competition clause can differ. Some agreements may have broader restrictions, prohibiting the physician from practicing in the same specialty within a certain radius for a defined period, while others may have more narrow limitations, only applying to specific settings or a limited duration. It is crucial for both the physician and the medical practice to carefully review and negotiate the terms of the agreement before signing. Seeking legal advice from a knowledgeable attorney specializing in employment contracts and healthcare law in North Carolina is highly recommended ensuring compliance with state laws and to protect the rights and interests of all parties involved.
