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.
The Oklahoma Employment Agreement and Non-Competition Agreement between a Physician and a Medical Practice Providing Services as a Limited Liability Partnership is a legal document that outlines the terms and conditions of employment for physicians within a medical practice setting in the state of Oklahoma. This Agreement serves to protect the interests of both the physician and the medical practice, ensuring a harmonious and mutually beneficial working relationship. Keywords: Oklahoma, Employment Agreement, Non-Competition Agreement, Physician, Medical Practice, Limited Liability Partnership. Types of Oklahoma Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership: 1. General Employment Agreement: The General Employment Agreement specifies the terms and conditions of employment for physicians within the medical practice. It includes details such as job responsibilities, compensation, benefits, working hours, leave policies, and termination provisions. 2. Non-Competition Agreement: The Non-Competition Agreement sets forth the restrictions and limitations on the physician's ability to work for or establish a competing medical practice within a specific geographical area for a specific period after the termination of their employment. This agreement protects the medical practice by preventing physicians from directly competing against it and potentially poaching patients or divulging confidential practice information. 3. Non-Solicitation Agreement: The Non-Solicitation Agreement aims to prevent physicians from soliciting or encouraging current patients, staff, or other physicians within the medical practice to join them in a new practice or seek medical services elsewhere. This agreement protects the medical practice's patient base and helps maintain continuity of care. 4. Confidentiality Agreement: The Confidentiality Agreement ensures that physicians keep all patient-related and practice-specific information confidential, both during and after their employment. It prohibits the unauthorized disclosure or use of sensitive information, safeguarding patient privacy and maintaining the medical practice's competitive advantage. 5. Buy-Sell Agreement: In some cases, the medical practice may implement a Buy-Sell Agreement, which outlines the terms and conditions of buying or selling ownership interests in the practice. This agreement determines how ownership changes are handled, including valuation, buyout provisions, and transfer restrictions. It is important for physicians and medical practices operating as Limited Liability Partnerships in Oklahoma to carefully review and understand the specifics of these agreements before entering into employment. Consulting with legal professionals familiar with Oklahoma employment laws and regulations is highly advisable to ensure compliance and protection of both parties' interests.The Oklahoma Employment Agreement and Non-Competition Agreement between a Physician and a Medical Practice Providing Services as a Limited Liability Partnership is a legal document that outlines the terms and conditions of employment for physicians within a medical practice setting in the state of Oklahoma. This Agreement serves to protect the interests of both the physician and the medical practice, ensuring a harmonious and mutually beneficial working relationship. Keywords: Oklahoma, Employment Agreement, Non-Competition Agreement, Physician, Medical Practice, Limited Liability Partnership. Types of Oklahoma Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership: 1. General Employment Agreement: The General Employment Agreement specifies the terms and conditions of employment for physicians within the medical practice. It includes details such as job responsibilities, compensation, benefits, working hours, leave policies, and termination provisions. 2. Non-Competition Agreement: The Non-Competition Agreement sets forth the restrictions and limitations on the physician's ability to work for or establish a competing medical practice within a specific geographical area for a specific period after the termination of their employment. This agreement protects the medical practice by preventing physicians from directly competing against it and potentially poaching patients or divulging confidential practice information. 3. Non-Solicitation Agreement: The Non-Solicitation Agreement aims to prevent physicians from soliciting or encouraging current patients, staff, or other physicians within the medical practice to join them in a new practice or seek medical services elsewhere. This agreement protects the medical practice's patient base and helps maintain continuity of care. 4. Confidentiality Agreement: The Confidentiality Agreement ensures that physicians keep all patient-related and practice-specific information confidential, both during and after their employment. It prohibits the unauthorized disclosure or use of sensitive information, safeguarding patient privacy and maintaining the medical practice's competitive advantage. 5. Buy-Sell Agreement: In some cases, the medical practice may implement a Buy-Sell Agreement, which outlines the terms and conditions of buying or selling ownership interests in the practice. This agreement determines how ownership changes are handled, including valuation, buyout provisions, and transfer restrictions. It is important for physicians and medical practices operating as Limited Liability Partnerships in Oklahoma to carefully review and understand the specifics of these agreements before entering into employment. Consulting with legal professionals familiar with Oklahoma employment laws and regulations is highly advisable to ensure compliance and protection of both parties' interests.
