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 Wisconsin Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership is a legally binding contract that outlines the terms and conditions of employment between a physician and a medical practice operating as a limited liability partnership (LLP) in the state of Wisconsin. This agreement ensures that both parties are aware of their roles, obligations, and rights, while also safeguarding the medical practice's interests and preventing unfair competition. The agreement typically covers various aspects, including job responsibilities, compensation, benefits, confidentiality, non-compete clauses, termination procedures, and dispute resolution mechanisms. It serves as a comprehensive framework that governs the employment relationship and protects both parties' interests. In Wisconsin, there are different types of Employment Agreements and Non-Competition Agreements between Physician and Medical Practice Providing Services as a Limited Liability Partnership that can be tailored to meet specific requirements. Some common variations include: 1. General Employment Agreement: This is a standard agreement that outlines the terms and conditions of employment, including job description, compensation structure, benefits, working hours, and other general employment-related matters. 2. Enhanced Compensation Agreement: This type of agreement focuses on the compensation arrangement between the physician and the medical practice, including incentives, bonuses, productivity-based earnings, and other compensation-related terms. 3. Partnership Track Agreement: For physicians looking to join the medical practice as a partner, this agreement outlines the pathway to partnership, including the criteria, timeline, and rights and responsibilities associated with becoming a partner within the LLP. 4. Non-Compete Agreement: This agreement restricts the physician from practicing medicine within a certain geographic area or timeframe after termination of employment. It aims to protect the medical practice from unfair competition by preventing the physician from directly competing with the LLP or soliciting patients and employees. 5. Non-Disclosure Agreement: This agreement ensures that the physician maintains confidentiality regarding sensitive medical practice information, patient records, trade secrets, and other proprietary information. It serves to protect the medical practice's intellectual property and maintain patient privacy. It is important for both the physician and the medical practice to seek legal advice to ensure that the agreement accurately reflects their mutual expectations and obligations. The terms and conditions within these agreements can vary depending on individual circumstances, so it is crucial to carefully review and negotiate the agreement to suit the specific needs of the physician and the medical practice.The Wisconsin Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership is a legally binding contract that outlines the terms and conditions of employment between a physician and a medical practice operating as a limited liability partnership (LLP) in the state of Wisconsin. This agreement ensures that both parties are aware of their roles, obligations, and rights, while also safeguarding the medical practice's interests and preventing unfair competition. The agreement typically covers various aspects, including job responsibilities, compensation, benefits, confidentiality, non-compete clauses, termination procedures, and dispute resolution mechanisms. It serves as a comprehensive framework that governs the employment relationship and protects both parties' interests. In Wisconsin, there are different types of Employment Agreements and Non-Competition Agreements between Physician and Medical Practice Providing Services as a Limited Liability Partnership that can be tailored to meet specific requirements. Some common variations include: 1. General Employment Agreement: This is a standard agreement that outlines the terms and conditions of employment, including job description, compensation structure, benefits, working hours, and other general employment-related matters. 2. Enhanced Compensation Agreement: This type of agreement focuses on the compensation arrangement between the physician and the medical practice, including incentives, bonuses, productivity-based earnings, and other compensation-related terms. 3. Partnership Track Agreement: For physicians looking to join the medical practice as a partner, this agreement outlines the pathway to partnership, including the criteria, timeline, and rights and responsibilities associated with becoming a partner within the LLP. 4. Non-Compete Agreement: This agreement restricts the physician from practicing medicine within a certain geographic area or timeframe after termination of employment. It aims to protect the medical practice from unfair competition by preventing the physician from directly competing with the LLP or soliciting patients and employees. 5. Non-Disclosure Agreement: This agreement ensures that the physician maintains confidentiality regarding sensitive medical practice information, patient records, trade secrets, and other proprietary information. It serves to protect the medical practice's intellectual property and maintain patient privacy. It is important for both the physician and the medical practice to seek legal advice to ensure that the agreement accurately reflects their mutual expectations and obligations. The terms and conditions within these agreements can vary depending on individual circumstances, so it is crucial to carefully review and negotiate the agreement to suit the specific needs of the physician and the medical practice.
