A non-disclosure agreement is a legally binding contract between two or more persons, in which a person or business promises to treat specific information as a trade secret and not disclose it to others without proper authorization. A non-disclosure agreement is also known as a confidentiality agreement, confidential disclosure agreement, proprietary information agreement, or secrecy agreement.
A covenant not to compete refers to an agreement to ensure that an employee will not compete against an employer or former employer. By this an employee agrees not to pursue a similar profession or trade in competition against the employer. Restrictions to prevent competition by a former employee are held valid when they are reasonable and necessary to protect the interests of the employer. Courts will closely examine covenants not to compete signed by individuals in order to make sure that they are not unreasonable as to time or geographical area. Courts may also look to public welfare. An agreement between a doctor and a clinic that if the doctor leaves the employ of the clinic, he will not practice within the city in which the clinic is located for the next five years may be held to be invalid if the city needed more than one doctor (assuming there was just one).
A limited liability company (LLC) is a separate legal entity that can conduct business just like a corporation with many of the advantages of a partnership. It is taxed as a partnership. Its owners are called members and receive income from the LLC just as a partner would. There is no tax on the LLC entity itself. The members are not personally liable for the debts and obligations of the entity like partners would be. Basically, an LLC combines the tax advantages of a partnership with the limited liability feature of a corporation.
An LLC is formed by filing articles of organization with the secretary of state in the same type manner that articles of incorporation are filed. The articles must contain the name, purpose, duration, registered agent, and principle office of the LLC. The name of the LLC must contain the words limited liability company or LLC. An LLC is a separate legal entity like a corporation.
A Professional Limited Liability Company (PLLC or P.L.L.C.) is a limited liability company organized for the purpose of providing professional services.
A Wake North Carolina Employment Agreement between Physician and Professional Limited Liability Company with Nondisclosure Agreement and Covenant not to Compete is a legal document that outlines the terms and conditions of employment for a physician in Wake, North Carolina, who is being hired by a Professional Limited Liability Company (LLC). This agreement is designed to protect the interests of both parties involved while ensuring that the physician's services are provided exclusively for the LLC. The Employment Agreement will typically include various sections, covering the key aspects of the employment relationship. These sections may include: 1. Parties: This section will identify the physician and the LLC, stating their respective legal names. It will also mention the effective date of the agreement. 2. Appointment and Duties: This section will specify the position or title of the physician within the LLC and outline their responsibilities, duties, and obligations. It may include provisions related to work schedule, patient care, management of records, and compliance with applicable laws and regulations. 3. Compensation: This section will detail the physician's compensation structure, including base salary, additional incentives, and any performance-based bonuses. It may also cover matters related to reimbursement for expenses, insurance coverage, and retirement benefits. 4. Term and Termination: This section will define the duration of the employment relationship, whether it is for a fixed term or will continue indefinitely until terminated by either party. It will also outline the circumstances under which termination may occur and the notice period required. 5. Nondisclosure Agreement (NDA): This section will discuss the confidentiality obligations of the physician, including the protection of any confidential information, patient records, trade secrets, and proprietary information belonging to the LLC. It will emphasize the importance of maintaining confidentiality both during and after the employment relationship. 6. Covenant not to Compete: This section will outline the restrictions placed on the physician's ability to compete with the LLC during and after the employment. It may include provisions related to geographical limitations, time restrictions, and scope of competition. 7. Governing Law and Dispute Resolution: This section will specify the governing law that applies to the agreement and provide mechanisms for resolving any disputes that may arise. It may include provisions for mediation, arbitration, or litigation. It's essential to note that variations of this agreement may exist, such as agreements specific to certain medical specialties or contractual arrangements involving multiple physicians and PLL Cs. These variations may have additional or modified clauses to suit the specific requirements of the parties involved. In conclusion, a Wake North Carolina Employment Agreement between Physician and Professional Limited Liability Company with Nondisclosure Agreement and Covenant not to Compete is a comprehensive legal document that establishes the terms and conditions of employment for physicians hired by an LLC in Wake, North Carolina. It sets forth the parameters for a mutually beneficial working relationship while safeguarding the interests of both parties.A Wake North Carolina Employment Agreement between Physician and Professional Limited Liability Company with Nondisclosure Agreement and Covenant not to Compete is a legal document that outlines the terms and conditions of employment for a physician in Wake, North Carolina, who is being hired by a Professional Limited Liability Company (LLC). This agreement is designed to protect the interests of both parties involved while ensuring that the physician's services are provided exclusively for the LLC. The Employment Agreement will typically include various sections, covering the key aspects of the employment relationship. These sections may include: 1. Parties: This section will identify the physician and the LLC, stating their respective legal names. It will also mention the effective date of the agreement. 2. Appointment and Duties: This section will specify the position or title of the physician within the LLC and outline their responsibilities, duties, and obligations. It may include provisions related to work schedule, patient care, management of records, and compliance with applicable laws and regulations. 3. Compensation: This section will detail the physician's compensation structure, including base salary, additional incentives, and any performance-based bonuses. It may also cover matters related to reimbursement for expenses, insurance coverage, and retirement benefits. 4. Term and Termination: This section will define the duration of the employment relationship, whether it is for a fixed term or will continue indefinitely until terminated by either party. It will also outline the circumstances under which termination may occur and the notice period required. 5. Nondisclosure Agreement (NDA): This section will discuss the confidentiality obligations of the physician, including the protection of any confidential information, patient records, trade secrets, and proprietary information belonging to the LLC. It will emphasize the importance of maintaining confidentiality both during and after the employment relationship. 6. Covenant not to Compete: This section will outline the restrictions placed on the physician's ability to compete with the LLC during and after the employment. It may include provisions related to geographical limitations, time restrictions, and scope of competition. 7. Governing Law and Dispute Resolution: This section will specify the governing law that applies to the agreement and provide mechanisms for resolving any disputes that may arise. It may include provisions for mediation, arbitration, or litigation. It's essential to note that variations of this agreement may exist, such as agreements specific to certain medical specialties or contractual arrangements involving multiple physicians and PLL Cs. These variations may have additional or modified clauses to suit the specific requirements of the parties involved. In conclusion, a Wake North Carolina Employment Agreement between Physician and Professional Limited Liability Company with Nondisclosure Agreement and Covenant not to Compete is a comprehensive legal document that establishes the terms and conditions of employment for physicians hired by an LLC in Wake, North Carolina. It sets forth the parameters for a mutually beneficial working relationship while safeguarding the interests of both parties.
