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 Dakota Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership In North Dakota, an Employment Agreement and Non-Competition Agreement between a Physician and a Medical Practice Providing Services as a Limited Liability Partnership is a legally binding contract that outlines the terms and conditions of employment between a physician and a medical practice. It also includes provisions pertaining to non-competition clauses. This agreement is designed to protect the interests and rights of both the physician and the medical practice. It establishes a clear understanding of the physician's duties, responsibilities, and compensation, as well as the terms surrounding non-competition restrictions. The agreement typically includes the following key elements: 1. Parties: Identifies the parties involved, which are the physician and the medical practice operating as a Limited Liability Partnership (LLP). 2. Employment Terms: Details the specific terms of employment, including the duration of the agreement, job description, schedule, and compensation structure. It may also cover benefits, leave policies, and any additional terms and conditions required. 3. Non-Competition Clause: Outlines restrictions on the physician's ability to practice medicine within a specified geographic area for a defined period after the termination of employment. This clause aims to protect the medical practice's patient base and prevent the physician from competing directly against the medical practice. 4. Termination: Specifies the conditions and procedures for terminating the agreement, including notice requirements and potential consequences of breach. 5. Confidentiality and Intellectual Property: Addresses the protection of sensitive information, patient records, and any intellectual property developed during the physician's employment. 6. Dispute Resolution: Establishes a mechanism for resolving any disputes that may arise between the parties, such as mediation or arbitration. It is important to note that there may be different types or variations of the North Dakota Employment Agreement and Non-Competition Agreement between a Physician and a Medical Practice Providing Services as a Limited Liability Partnership. These variations may depend on the specific needs and preferences of the parties involved, the nature of the medical practice, and any state-specific requirements or regulations. Some potential variations could include agreements tailored for specific medical specialties or agreements designed for part-time, temporary, or locum tenens positions. However, specific categorizations or names for these variations are not readily available. Overall, these agreements are crucial for establishing a mutually beneficial relationship between the physician and the medical practice, ensuring clarity and protection for both parties while facilitating the provision of quality healthcare services in North Dakota.
