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 Mexico Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership Keywords: New Mexico, employment agreement, non-competition agreement, physician, medical practice, limited liability partnership In New Mexico, the Employment Agreement and Non-Competition Agreement between a Physician and a Medical Practice providing services as a Limited Liability Partnership (LLP) serves as a legally binding contract that outlines the terms and conditions of the employment relationship between the physician and the medical practice. This agreement ensures clarity and establishes mutual understanding between both parties regarding their rights, obligations, and restrictions. There are various types of New Mexico Employment Agreements and Non-Competition Agreements tailored to specific aspects of the physician's employment and the medical practice's requirements. Some common types include: 1. Comprehensive Employment Agreement: This agreement covers all essential aspects of the physician's employment, including compensation, benefits, working hours, duties and responsibilities, sick leave, vacation, and termination provisions. 2. Non-Competition Agreement: A non-competition agreement is often included as part of the Employment Agreement. It restricts the physician from engaging in similar medical practice activities or joining a competing organization within a defined geographical area for a specific period after termination or resignation. 3. Partnership Agreement: In cases where the physician has a partnership interest in the medical practice, a separate Partnership Agreement may be established. This agreement outlines the details of the partnership, including profit sharing, governance, decision-making processes, and buy-sell provisions. 4. Buy-Sell Agreement: When a physician decides to leave the medical practice or sell their interest, a Buy-Sell Agreement facilitates the smooth transfer of ownership. It details the terms of the sale, valuation methods, payment terms, and any restrictions or obligations imposed on both parties. 5. Independent Contractor Agreement: In some instances, the physician may operate as an independent contractor rather than an employee of the medical practice. An Independent Contractor Agreement outlines the terms of this arrangement, including compensation, responsibilities, work schedule, and duration of the contract. It is important to consult legal professionals experienced in healthcare law and New Mexico employment regulations when drafting these agreements. Each agreement must align with New Mexico state laws and regulations, considering specific restrictions on non-compete clauses and other employment-related provisions. To ensure enforceability and protection of both parties' rights, these agreements should be carefully drafted, clearly defining rights and obligations, and providing avenues for dispute resolution.New Mexico Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership Keywords: New Mexico, employment agreement, non-competition agreement, physician, medical practice, limited liability partnership In New Mexico, the Employment Agreement and Non-Competition Agreement between a Physician and a Medical Practice providing services as a Limited Liability Partnership (LLP) serves as a legally binding contract that outlines the terms and conditions of the employment relationship between the physician and the medical practice. This agreement ensures clarity and establishes mutual understanding between both parties regarding their rights, obligations, and restrictions. There are various types of New Mexico Employment Agreements and Non-Competition Agreements tailored to specific aspects of the physician's employment and the medical practice's requirements. Some common types include: 1. Comprehensive Employment Agreement: This agreement covers all essential aspects of the physician's employment, including compensation, benefits, working hours, duties and responsibilities, sick leave, vacation, and termination provisions. 2. Non-Competition Agreement: A non-competition agreement is often included as part of the Employment Agreement. It restricts the physician from engaging in similar medical practice activities or joining a competing organization within a defined geographical area for a specific period after termination or resignation. 3. Partnership Agreement: In cases where the physician has a partnership interest in the medical practice, a separate Partnership Agreement may be established. This agreement outlines the details of the partnership, including profit sharing, governance, decision-making processes, and buy-sell provisions. 4. Buy-Sell Agreement: When a physician decides to leave the medical practice or sell their interest, a Buy-Sell Agreement facilitates the smooth transfer of ownership. It details the terms of the sale, valuation methods, payment terms, and any restrictions or obligations imposed on both parties. 5. Independent Contractor Agreement: In some instances, the physician may operate as an independent contractor rather than an employee of the medical practice. An Independent Contractor Agreement outlines the terms of this arrangement, including compensation, responsibilities, work schedule, and duration of the contract. It is important to consult legal professionals experienced in healthcare law and New Mexico employment regulations when drafting these agreements. Each agreement must align with New Mexico state laws and regulations, considering specific restrictions on non-compete clauses and other employment-related provisions. To ensure enforceability and protection of both parties' rights, these agreements should be carefully drafted, clearly defining rights and obligations, and providing avenues for dispute resolution.
