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.
New Jersey Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership Introduction: The New Jersey Employment Agreement and Non-Competition Agreement between Physician and Medical Practice is a legally binding document that outlines the terms and conditions of employment for physicians working within a limited liability partnership (LLP) in New Jersey. This agreement serves to protect the interests of both the physician and the medical practice, providing clarity and stability in their professional relationship. Types of New Jersey Employment Agreements: 1. Full-Time Employment Agreement: This type of agreement is applicable when a physician is employed by a medical practice on a full-time basis, typically involving a standard 40-hour workweek and specific job responsibilities. The agreement outlines compensation, benefits, work expectations, and other relevant terms. 2. Part-Time Employment Agreement: In cases where a physician is employed by a medical practice on a part-time basis, a different agreement may be used. This agreement reflects the reduced hours and corresponding compensation, benefits, and work expectations according to the agreed-upon schedule. 3. Fixed-Term Employment Agreement: This type of agreement is utilized when employment is limited to a specific duration, such as a fixed number of years or months. It outlines the terms and conditions of employment during that predetermined period and often includes provisions for renewal or termination at the end of the term. 4. At-Will Employment Agreement: An at-will employment agreement allows either party, the physician or the medical practice, to terminate the employment relationship at any time without cause or justification. This agreement typically favors flexibility but may include specific terms regarding notice periods and severance arrangements. Components of a Non-Competition Agreement: In addition to the employment agreement, a non-competition agreement is commonly included to protect the interests of the medical practice. This agreement restricts the physician's ability to compete with the practice by practicing medicine, establishing a similar medical practice, or providing services to competing entities within a specified geographic area and time frame. Key Elements in the Agreement: 1. Parties: Clearly identifies the involved parties, including the physician and the medical practice as an LLP, establishing their legal relationship. 2. Employment Terms: Defines the basis of employment, including the position's title, responsibilities, compensation, benefits, and any specific terms, such as working hours and vacation allowances. 3. Non-Competition Terms: Outlines the scope, duration, and geographic limitations of the non-competition agreement, restricting the physician's ability to engage in certain activities after termination of employment. 4. Confidentiality and Intellectual Property: Establishes obligations for the physician to maintain patient and practice confidentiality, as well as the protection of intellectual property and patient records. 5. Termination and Severance: Clearly states the circumstances and procedures for termination, including notice periods and potential severance arrangements, ensuring a fair and equitable process for both parties. Conclusion: The New Jersey Employment Agreement and Non-Competition Agreement between Physician and Medical Practice as a Limited Liability Partnership provide a comprehensive framework for the employment relationship between physicians and medical practices. By utilizing different types of agreements depending on the nature of employment, physicians and practices can establish clear expectations and protections while promoting a harmonious professional relationship.New Jersey Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership Introduction: The New Jersey Employment Agreement and Non-Competition Agreement between Physician and Medical Practice is a legally binding document that outlines the terms and conditions of employment for physicians working within a limited liability partnership (LLP) in New Jersey. This agreement serves to protect the interests of both the physician and the medical practice, providing clarity and stability in their professional relationship. Types of New Jersey Employment Agreements: 1. Full-Time Employment Agreement: This type of agreement is applicable when a physician is employed by a medical practice on a full-time basis, typically involving a standard 40-hour workweek and specific job responsibilities. The agreement outlines compensation, benefits, work expectations, and other relevant terms. 2. Part-Time Employment Agreement: In cases where a physician is employed by a medical practice on a part-time basis, a different agreement may be used. This agreement reflects the reduced hours and corresponding compensation, benefits, and work expectations according to the agreed-upon schedule. 3. Fixed-Term Employment Agreement: This type of agreement is utilized when employment is limited to a specific duration, such as a fixed number of years or months. It outlines the terms and conditions of employment during that predetermined period and often includes provisions for renewal or termination at the end of the term. 4. At-Will Employment Agreement: An at-will employment agreement allows either party, the physician or the medical practice, to terminate the employment relationship at any time without cause or justification. This agreement typically favors flexibility but may include specific terms regarding notice periods and severance arrangements. Components of a Non-Competition Agreement: In addition to the employment agreement, a non-competition agreement is commonly included to protect the interests of the medical practice. This agreement restricts the physician's ability to compete with the practice by practicing medicine, establishing a similar medical practice, or providing services to competing entities within a specified geographic area and time frame. Key Elements in the Agreement: 1. Parties: Clearly identifies the involved parties, including the physician and the medical practice as an LLP, establishing their legal relationship. 2. Employment Terms: Defines the basis of employment, including the position's title, responsibilities, compensation, benefits, and any specific terms, such as working hours and vacation allowances. 3. Non-Competition Terms: Outlines the scope, duration, and geographic limitations of the non-competition agreement, restricting the physician's ability to engage in certain activities after termination of employment. 4. Confidentiality and Intellectual Property: Establishes obligations for the physician to maintain patient and practice confidentiality, as well as the protection of intellectual property and patient records. 5. Termination and Severance: Clearly states the circumstances and procedures for termination, including notice periods and potential severance arrangements, ensuring a fair and equitable process for both parties. Conclusion: The New Jersey Employment Agreement and Non-Competition Agreement between Physician and Medical Practice as a Limited Liability Partnership provide a comprehensive framework for the employment relationship between physicians and medical practices. By utilizing different types of agreements depending on the nature of employment, physicians and practices can establish clear expectations and protections while promoting a harmonious professional relationship.
