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.
Wyoming Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership In Wyoming, an Employment Agreement and Non-Competition Agreement between a physician and a medical practice operating as a Limited Liability Partnership (LLP) establishes the terms and conditions of the physician's employment within the partnership. This comprehensive agreement defines the rights, obligations, and restrictions applicable to both parties involved. 1. Employment Agreement: The Employment Agreement component of the contract outlines the key terms and conditions of the physician's employment within the medical practice. It includes details such as: — Duration of employment: Specifies the start and end dates of the employment period. — Job description and duties: Clearly defines the physician's role and responsibilities within the medical practice. — Compensation and benefits: Outlines the agreed upon salary, bonus structure, and other benefits provided to the physician. — Schedule and working hours: Specifies the expected working hours, on-call duties, and any potential requirements for weekend or holiday coverage. — Termination clauses: Enumerates the circumstances under which either party can terminate the agreement, including notice periods and possible consequences. — Professional development: Describes any provisions for continuing education, conferences, and workshops that the medical practice may sponsor. — Intellectual property rights: Addresses ownership and usage rights of intellectual property created by the physician during employment. 2. Non-Competition Agreement: The Non-Competition Agreement is a critical aspect of the contract and sets forth the provisions regarding the physician's restrictions post-employment. This section typically includes the following: — Non-compete clause: Limits the physician's ability to practice medicine within a specified geographic area and time period after leaving the medical practice. The scope and duration of the non-compete clause are usually carefully tailored to balance the legitimate interests of both parties. — Non-solicitation clause: Restricts the physician from soliciting the medical practice's patients, staff, or business relationships for a certain period after their departure. This clause is aimed at protecting the medical practice's patient base and goodwill. — Confidentiality and Nondisclosure: Requires the physician to maintain the confidentiality of the medical practice's proprietary information, patient records, financial data, and trade secrets both during and after their employment. — Invention assignment: Specifies that any inventions or discoveries made by the physician during their employment belong to the medical practice. — Dispute resolution: Details the preferred method for resolving any disputes arising from the employment agreement, such as mediation or arbitration. Different types of Wyoming Employment Agreement and Non-Competition Agreement between Physician and Medical Practice Providing Services as a Limited Liability Partnership may exist to accommodate the specific needs and circumstances of the parties involved. These variations can include differences in compensation structure, work schedule flexibility, non-compete restrictions, and additional provisions pertaining to the medical practice's operations and policies. Navigating and executing these agreements requires careful consideration of Wyoming's employment laws, partnership regulations, and existing precedents. It is advisable for both the physician and the medical practice to seek legal counsel to ensure compliance and to protect their respective interests.
