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.
Tennessee Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership is a legally binding document outlining the terms and conditions of the employment relationship between a physician and a medical practice operating as a limited liability partnership in the state of Tennessee. It also includes provisions related to non-competition, which outlines the restrictions imposed on the physician after the termination of the employment agreement. Within Tennessee, there are different types of Employment Agreements and Non-Competition Agreements that can be entered into between physicians and medical practices operating as limited liability partnerships. These may include: 1. Full-Time Employment Agreement: This agreement is designed for physicians who will be working full-time in the medical practice, providing services as a member of the limited liability partnership. The agreement will specify the duties, responsibilities, work schedule, compensation, benefits, and general employment terms. 2. Part-Time Employment Agreement: For physicians who will be providing services to the medical practice on a part-time basis, this agreement delineates the terms and conditions of their employment, including hours of work, compensation, and benefits, while accommodating their other professional commitments. 3. Associate Agreement: This type of agreement is typically used when a physician joins the medical practice as an associate, with the potential of becoming a partner in the future. It outlines the terms of the associate's employment, including expectations, compensation, and the path towards partnership, as well as the non-competition provisions applicable during and after the associate's employment. 4. Partnership Employment Agreement: When a physician becomes a partner in the limited liability partnership, this agreement sets forth the terms of their partnership, including the distribution of profits, governance responsibilities, and other related matters. It may also include non-competition clauses applicable during the partnership and following its termination. The non-competition provisions in these agreements may vary, but generally aim to protect the medical practice's legitimate business interests, such as patient relationships, confidential information, and trade secrets. They may restrict the physician from practicing medicine within a specific geographic area and timeframe following the termination of the employment agreement. It is important for all parties involved to carefully review and understand the terms and conditions outlined in the Tennessee Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership, seeking legal advice if necessary, to ensure compliance and protection of their rights and obligations.Tennessee Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership is a legally binding document outlining the terms and conditions of the employment relationship between a physician and a medical practice operating as a limited liability partnership in the state of Tennessee. It also includes provisions related to non-competition, which outlines the restrictions imposed on the physician after the termination of the employment agreement. Within Tennessee, there are different types of Employment Agreements and Non-Competition Agreements that can be entered into between physicians and medical practices operating as limited liability partnerships. These may include: 1. Full-Time Employment Agreement: This agreement is designed for physicians who will be working full-time in the medical practice, providing services as a member of the limited liability partnership. The agreement will specify the duties, responsibilities, work schedule, compensation, benefits, and general employment terms. 2. Part-Time Employment Agreement: For physicians who will be providing services to the medical practice on a part-time basis, this agreement delineates the terms and conditions of their employment, including hours of work, compensation, and benefits, while accommodating their other professional commitments. 3. Associate Agreement: This type of agreement is typically used when a physician joins the medical practice as an associate, with the potential of becoming a partner in the future. It outlines the terms of the associate's employment, including expectations, compensation, and the path towards partnership, as well as the non-competition provisions applicable during and after the associate's employment. 4. Partnership Employment Agreement: When a physician becomes a partner in the limited liability partnership, this agreement sets forth the terms of their partnership, including the distribution of profits, governance responsibilities, and other related matters. It may also include non-competition clauses applicable during the partnership and following its termination. The non-competition provisions in these agreements may vary, but generally aim to protect the medical practice's legitimate business interests, such as patient relationships, confidential information, and trade secrets. They may restrict the physician from practicing medicine within a specific geographic area and timeframe following the termination of the employment agreement. It is important for all parties involved to carefully review and understand the terms and conditions outlined in the Tennessee Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership, seeking legal advice if necessary, to ensure compliance and protection of their rights and obligations.
