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.
Ohio Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership Introduction: An Ohio 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 for physicians in the state of Ohio. This agreement serves to protect the interests of both the physician and the medical practice, ensuring a mutually beneficial working relationship. Types of Ohio Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership: 1. Full-Time Physicians Agreement: This type of agreement caters to full-time physicians who will provide their services exclusively to the medical practice. It outlines the rights, obligations, and expectations of both parties during the employment period. 2. Part-Time Physicians Agreement: Designed for physicians who will work part-time with the medical practice, this agreement specifies the terms and conditions for their limited involvement. Key Components of the Agreement: 1. Term of Employment: This section defines the duration of the employment relationship, specifying whether it is for a fixed term or an indefinite period. It also highlights any provisions for contract renewal or termination. 2. Duties and Responsibilities: Clearly outlines the physician's expected duties, obligations, and performance standards in the medical practice, encompassing clinical work, administrative tasks, and participation in research or educational activities. 3. Compensation: Sets forth the details of the physician's salary, bonuses, benefits, and any applicable reimbursements, including payment structure (e.g., hourly, yearly, or production-based). 4. Benefits and Perks: Encompasses healthcare, retirement plans, leave policies, malpractice insurance coverage, professional development opportunities, and other relevant benefits provided by the medical practice. 5. Non-Competition and Non-Disclosure: Defines the restrictions imposed on the physician during and after employment, preventing them from competing with the medical practice in a certain geographic area and maintaining confidentiality of sensitive information. 6. Termination: Elaborates on circumstances leading to termination, including breaches of contract, performance issues, mutual termination, or termination without cause. It also outlines notice periods and severance arrangements. 7. Dispute Resolution: Establishes the methods for resolving disputes or conflicts arising from the employment relationship, including mediation, arbitration, or litigation. 8. Governing Law: Specifies that the agreement is governed by Ohio state laws, ensuring legal compliance within the jurisdiction. Conclusion: An Ohio Employment Agreement and Non-Competition Agreement between a Physician and a Medical Practice Providing Services as a Limited Liability Partnership is an essential document that protects the interests of both parties involved in the employment relationship. By outlining the terms and conditions of employment, duties, compensation, benefits, and addressing any non-competition or non-disclosure clauses, this agreement ensures a transparent and harmonious working environment.Ohio Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership Introduction: An Ohio 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 for physicians in the state of Ohio. This agreement serves to protect the interests of both the physician and the medical practice, ensuring a mutually beneficial working relationship. Types of Ohio Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership: 1. Full-Time Physicians Agreement: This type of agreement caters to full-time physicians who will provide their services exclusively to the medical practice. It outlines the rights, obligations, and expectations of both parties during the employment period. 2. Part-Time Physicians Agreement: Designed for physicians who will work part-time with the medical practice, this agreement specifies the terms and conditions for their limited involvement. Key Components of the Agreement: 1. Term of Employment: This section defines the duration of the employment relationship, specifying whether it is for a fixed term or an indefinite period. It also highlights any provisions for contract renewal or termination. 2. Duties and Responsibilities: Clearly outlines the physician's expected duties, obligations, and performance standards in the medical practice, encompassing clinical work, administrative tasks, and participation in research or educational activities. 3. Compensation: Sets forth the details of the physician's salary, bonuses, benefits, and any applicable reimbursements, including payment structure (e.g., hourly, yearly, or production-based). 4. Benefits and Perks: Encompasses healthcare, retirement plans, leave policies, malpractice insurance coverage, professional development opportunities, and other relevant benefits provided by the medical practice. 5. Non-Competition and Non-Disclosure: Defines the restrictions imposed on the physician during and after employment, preventing them from competing with the medical practice in a certain geographic area and maintaining confidentiality of sensitive information. 6. Termination: Elaborates on circumstances leading to termination, including breaches of contract, performance issues, mutual termination, or termination without cause. It also outlines notice periods and severance arrangements. 7. Dispute Resolution: Establishes the methods for resolving disputes or conflicts arising from the employment relationship, including mediation, arbitration, or litigation. 8. Governing Law: Specifies that the agreement is governed by Ohio state laws, ensuring legal compliance within the jurisdiction. Conclusion: An Ohio Employment Agreement and Non-Competition Agreement between a Physician and a Medical Practice Providing Services as a Limited Liability Partnership is an essential document that protects the interests of both parties involved in the employment relationship. By outlining the terms and conditions of employment, duties, compensation, benefits, and addressing any non-competition or non-disclosure clauses, this agreement ensures a transparent and harmonious working environment.
