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.
A Rhode Island Employment Agreement and Non-Competition Agreement between a Physician and Medical Practice Providing Services as a Limited Liability Partnership is a legally binding contract that outlines the terms and conditions of employment for a physician within a medical practice. It also includes provisions regarding non-competition and non-solicitation. The Employment Agreement portion of this contract specifies the responsibilities, duties, and compensation of the physician. It outlines the terms of employment such as the physician's work schedule, vacation and leave policies, benefits, and potential bonuses or performance incentives. Additionally, it may include details about how the physician's performance will be evaluated and the process for termination or resignation. The Non-Competition Agreement is a crucial aspect of the contract, designed to protect the medical practice's interests. It typically prohibits the physician, during and after the employment period, from working for a competing medical practice or establishing a similar business within a specified geographic area and timeframe. This provision is intended to prevent any potential harm or diversion of patients or confidential information that the physician may possess. The Rhode Island Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership can have variations based on specific circumstances. Some common types of these agreements may include: 1. Full-time Employment Agreement: This type of agreement is relevant when a physician is employed by the medical practice on a full-time basis, typically working a set number of hours per week. 2. Part-time Employment Agreement: This agreement is applicable when a physician is employed by the medical practice on a part-time basis, working fewer hours compared to a full-time arrangement. 3. Associate Physician Agreement: This agreement is suitable when a physician joins the medical practice as an associate, with potentially different terms and conditions such as a partnership track or a predetermined partnership buy-in agreement. 4. Independent Contractor Agreement: In certain cases, a physician may be engaged as an independent contractor rather than an employee, and this type of agreement outlines the terms and conditions of the contractor relationship. 5. Non-Competition Agreement Modification: An existing Employment Agreement can be amended to include or modify the non-competition provisions based on changing circumstances, such as a change in the geographic area or time duration. It is essential for both the physician and the medical practice to fully understand the terms and conditions of the agreement before signing it. Consulting an attorney experienced in employment law and medical partnerships is highly recommended ensuring compliance with Rhode Island state laws and regulations.A Rhode Island Employment Agreement and Non-Competition Agreement between a Physician and Medical Practice Providing Services as a Limited Liability Partnership is a legally binding contract that outlines the terms and conditions of employment for a physician within a medical practice. It also includes provisions regarding non-competition and non-solicitation. The Employment Agreement portion of this contract specifies the responsibilities, duties, and compensation of the physician. It outlines the terms of employment such as the physician's work schedule, vacation and leave policies, benefits, and potential bonuses or performance incentives. Additionally, it may include details about how the physician's performance will be evaluated and the process for termination or resignation. The Non-Competition Agreement is a crucial aspect of the contract, designed to protect the medical practice's interests. It typically prohibits the physician, during and after the employment period, from working for a competing medical practice or establishing a similar business within a specified geographic area and timeframe. This provision is intended to prevent any potential harm or diversion of patients or confidential information that the physician may possess. The Rhode Island Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership can have variations based on specific circumstances. Some common types of these agreements may include: 1. Full-time Employment Agreement: This type of agreement is relevant when a physician is employed by the medical practice on a full-time basis, typically working a set number of hours per week. 2. Part-time Employment Agreement: This agreement is applicable when a physician is employed by the medical practice on a part-time basis, working fewer hours compared to a full-time arrangement. 3. Associate Physician Agreement: This agreement is suitable when a physician joins the medical practice as an associate, with potentially different terms and conditions such as a partnership track or a predetermined partnership buy-in agreement. 4. Independent Contractor Agreement: In certain cases, a physician may be engaged as an independent contractor rather than an employee, and this type of agreement outlines the terms and conditions of the contractor relationship. 5. Non-Competition Agreement Modification: An existing Employment Agreement can be amended to include or modify the non-competition provisions based on changing circumstances, such as a change in the geographic area or time duration. It is essential for both the physician and the medical practice to fully understand the terms and conditions of the agreement before signing it. Consulting an attorney experienced in employment law and medical partnerships is highly recommended ensuring compliance with Rhode Island state laws and regulations.
